Miners lift Australian shares; Star Entertainment slumps to record low
Star Entertainment falls 44% to hit record low
Miners post biggest weekly gain since mid-April 2016
Financials fall 4.4% for the week
Updates to close
By Echha Jain
Sept 27 (Reuters) -Australian shares edged slightly higher on Friday, buoyed by a major rally in miners, while embattled casino operator Star Entertainment hit an all-time low as it resumed trading after nearly a month and posted a second straight full-year loss.
The S&P/ASX 200 index .AXJO ended the session 0.1% higher at 8,212.2 points. The benchmark was flat for the week.
Australia's no.2 casino operator Star Entertainment SGR.AX was the biggest laggard on the bourse, ending the session 44.4% lower, a day after posting a second straight multi-billion-dollar annual loss on a write-down in the value of its venues.
The Federal Reserve's rate cut and a policy stimulus from China are driving investors to move from financials to the commodities sector in Australia this week, John Lockton, head of investment strategy at Sandstone Insights, said.
Miners .AXMM jumped 3% to hit their highest closing level since June 7, as metal prices rallied on China's stimulus. IRONORE/ MET/L
Fortescue FMG.AX ended 3.6% higher. The company's executive chairman told Reuters that it and German-Swiss equipment manufacturer Liebherr have secured orders for 100 autonomous battery-powered mining trucks.
BHP Group BHP.AX and Rio Tinto RIO.AX added 3.2% and 3.4%, respectively. The mining sub-index gained 10.5% for the week, its biggest weekly gain since mid-April 2016.
Financials .AXFJ slipped 0.6% with the "big four" banks shedding as much as 1.8%. The sub-index fell 4.4% this week.
Australia's biggest pub owner Endeavour Group EDV.AX fell 2.5% after it said its CEO and managing director Steve Donohue will step down.
Woolworths WOW.AX edged 0.2% higher while Coles COL.AX fell 0.5%. The Australian antitrust regulator said the two companies, which together sell two-thirds of the country's groceries, were effectively an oligopoly and that it was looking into the effects of their grip on supermarket real estate.
New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.3% to 12,457.41 points.
Reporting by Echha Jain in Bengaluru; Editing by Mrigank Dhaniwala
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