Australia: Gold, energy stocks drag shares lower; set for first weekly jump in five

[BENGALURU] Australian shares fell on Friday, dragged down by energy and gold stocks due to weakness in prices of their underlying commodities, but they were on track to post their first weekly gain in five.

The S&P/ASX 200 index was down 0.4 per cent at 7,352.2 by 1155 GMT. It was set to add 1.6 per cent for the week.

Energy stocks were the top losers on the benchmark, after oil prices dropped overnight on fears about the economic outlook in China, the world's biggest oil importer following ratings downgrades to two Chinese property developers.

Whitehaven Coal, down 3.2 per cent, led losses, followed by Beach Energy Ltd, trading 1.7 per cent lower.

Gold stocks fell 1.36 per cent led by De Grey Mining, down 3.17 per cent, followed by Pantoro, losing 3.13 per cent.

The sub-index was tracking a downturn in bullion prices, after data showed a big drop in US jobless claims ahead of an inflation report that could influence the Federal Reserve's monetary strategy.

Mining stocks fell 0.45 per cent, after iron ore futures in Asia slipped on Thursday. Index heavyweight BHP Group fell 0.7 per cent.

Fortescue Metals, however, rose 0.4 per cent, after the miner said its chief executive officer Elizabeth Gaines would be stepping down as it moves from a pure play iron ore producer to a diversified renewable energy and resources firm.

In New Zealand, the benchmark fell 0.1 per cent to 12,762.92 points. The top percentage losers were Skycity Entertainment Group, down 1.56 per cent, followed by Meridian Energy, losing 1.46 per cent.

REUTERS