Australia shares end higher in a dull week marred by lacklustre data

Reuters

Australia shares end higher in a dull week marred by lacklustre data

6:07 sáng giờ GMT, 6 Tháng 9 2024

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BHP records worst week since March 2023

Energy stocks record worst week since Jan 2021

Macquarie adds 4.3% for the week

Updates to close

By Roshan Thomas

Sept 6 (Reuters) -Australia shares ended higher on Friday but posted their first weekly loss in four as the country's soft growth data dampened hopes of an early rate cut and volatility in commodity-related stocks weighed on sentiment.

The S&P/ASX 200 index .AXJO closed 1%lower for the week. It, however ended 0.3%higher on Friday reflecting underlying strength in financials.

Australia reported its June quarter gross domestic product numbers on Wednesday, which showed persisting economic weakness amid stiff borrowing costs and high inflation, depressing investor hopes of an early interest rate cut by the local central bank.

The banking sub-index .AXFJ, which rallied 1.3%for the day, closed the week higher amid expectations of a high interest rate environment. The "Big Four" banks gained between 1.2%and 1.5%on Friday.

"The banks are expected to continue benefiting from a high-interest rate environment as the Reserve Bank of Australia reaffirmed over the week that it is not yet ready to shift policy," said Hebe Chen, market analyst at IG.

Financial conglomerate Macquarie MQG.AX was one of the top gainers on the benchmark and has lifted its market value by 4.3%for the week after announcing plans to sell data centre operator AirTrunk to Blackstone in a A$24 billion ($16.16 billion) deal on Wednesday.

The mining sub-index .AXMM had their worst week in two years, ending 6.5%lower as iron ore futures fell for their sixth straight session on Friday and were set for their largest weekly loss since late October 2022.

BHP Group BHP.AX dropped 5.7%for the week, which was its worstsince March 2023 while Rio Tinto RIO.AX closed 4.3%lower.

Energy stocks .AXEJ had its worst week since January 2021, dragging 9.1%after oil prices hovered near a 14-month low on demand worries in U.S. and China.

The country's largest oil and gas producer, Woodside WDS.AX slumped over 11% in a week where it traded ex-dividend and also issued $2 billion worth of bonds.

New Zealand's benchmark S&P/NZX 50 index .NZ50 finished the week 1.3% higher.

($1 = 1.4852 Australian dollars)

Reporting by Roshan Thomas in Bengaluru; Editing by Nivedita Bhattacharjee

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