Australia: Shares end flat, post third straight weekly gain

[BENGALURU] Australian shares closed unchanged on Friday (Apr 1) as technology and financial stocks offset gains in miners amid caution over the Ukraine crisis and inflationary pressures, with the benchmark index posting its third straight weekly gain.

The S&P/ASX 200 index ended the choppy session 0.08 per cent lower at 7,493.8. For the week, the index added 1.2 per cent.

Global sentiment was subdued on recession worries as the Russia-Ukraine conflict kept oil prices elevated, which further buttressed the US Federal Reserve's plans to hike interest rates aggressively to check soaring prices.

The Australian financial sub-index ended 0.7 per cent lower.

However, it recorded the fourth straight week of gains, while the so-called "Big Four" banks posted losses for the day.

"Interest-rate hikes are going to positively impact financial companies. However, there might be some restriction in terms of lending volumes. But I believe that after 2 years of the pandemic, people are looking to buy assets," said Kunal Sawhney, chief executive of Kalkine Group.

Domestic technology stocks dropped 0.9 per cent, tracking overnight losses on the tech-heavy Nasdaq Composite. Index majors ASX-listed shares of Block and Xero shed 2.6 per cent and 1.7 per cent, respectively.

The mining sub-index emerged as the sole gainer on the benchmark, rising 1.7 per cent, and climbing for the second straight week as iron ore prices jumped.

Sector majors BHP Group, Rio Tinto, and Fortescue Metals Group added 1 to 1.9 per cent.

Energy stocks ended 1.2 per cent higher after dropping 0.5 per cent through the day, following the lead of oil prices tip-towing on meeting of oil consuming nations.

Oil majors Santos and Woodside Petroleum gained 2.1 per cent and 1.8 per cent, respectively.

New Zealand's benchmark S&P/NZX 50 index ended 0.2 per cent lower at 12,089.4 points, but added 0.3 per cent for the week. REUTERS