Australian shares edged higher on Friday as investors rotated back into mining stocks, following a rebound in copper and gold prices after this week’s selloff. The S&P/ASX 200 Index rose 11 points, or 0.1 per cent, to 8759.70 at 10.09am AEST, with five of 11 sectors in positive territory. The benchmark is still tracking a 0.8 per cent weekly decline.
Mining stocks led gains as commodities stabilised. Gold rebounded above $US4000 and copper rose from a seven-week low. The move followed a softer-than-expected US Personal Consumption Expenditures inflation reading, which eased expectations for further US interest rate hikes.
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It was supported by signs of improved physical demand.
A broader recovery in global equity markets also helped lift sentiment across resources-heavy sectors.
On the ASX, Newmont rose 2.5 per cent and Northern Star by 1.9 per cent. Rio Tinto added 1.7 per cent as the outlet reported it was in talks with Vitol to set up a freight joint venture. BHP rose 1 per cent as it reshaped its leadership team ahead of Brandon Craig taking over as chief executive. The role of president Americas will be divided into president North America and president South America.
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Energy also climbed as oil held the bulk of an overnight gain after a cargo ship was attacked in the Strait of Hormuz. Woodside Energy climbed, and Santos by 1.1 per cent. Financials were lower. Commonwealth Bank eased 0.7 per cent, and ANZ by the same percentage. Westpac also eased, and National Australia Bank eased 0.9 per cent. Judo Capital dropped a further 1.6 per cent after a record 40 per cent plunge on Thursday as analysts moved to downgrade the stock following a profit warning.
Technology was the worst performer as WiseTech Global dropped 2.1 per cent and NextDC by 1.2 per cent.
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Stocks in focus
DigiCo Infrastructure REIT rose 4.1 per cent after it said chief executive officer Michael Juniper will not return from personal leave and has stepped down from his role as chief executive and director, effective immediately. 4DMedical climbed 1.3 per cent after it received Therapeutic Goods Administration approval for its CT:VQ lung imaging software, clearing the way for commercial rollout across Australia. The market darling has rocketed 1700 per cent in the past year.
HMC Capital also gained. It received ACCC and FIRB approval for its strategic energy partnership with KKR, clearing the final regulatory hurdles for a deal expected to close by June 30. Transurban also advanced after its 95 Express Lanes joint venture signed an agreement with the Virginia Department of Transportation to assess a significantly expanded bidirectional upgrade of the I-95 Express Lanes project in the United States. NRW Holdings firmed 0.3 per cent after its subsidiary Golding Contractors secured two new contracts worth a combined $190 million.