Australia: Shares head for third straight weekly gain

AUSTRALIAN shares inched higher on Friday, and were on course for a third consecutive weekly rise, as gains in mining and gold stocks outweighed losses in energy names amid lower oil prices.

The S&P/ASX 200 index had climbed by 0.2 per cent to 6,991.2 by 0032 GMT, rising about 0.7 per cent so far this week.

Global risk appetite soured after the Bank of England warned that a lengthy recession is yet to come and a US central bank official said the economy is not in recession, but the risks of one have risen.

The Reserve Bank of Australia will release its latest forecasts on Friday and has already foreshadowed a steep rise in inflation to a top of 7.75 per cent and a slowdown in growth to just 1.75 per cent for next year.

Gold stocks emerged as the top gainers, rising more than 2.5 per cent to hit their highest in nearly six weeks after bullion prices hit a one-month peak overnight.

Newcrest Mining, Australia’s largest gold miner climbed 1.8 per cent, while Northern Star Resources added 2 per cent.

Miners climbed more than 1 per cent, and were on track for a third straight weekly gain, with sector majors BHP Group, Rio Tinto and Fortescue Metals Group adding between 0.8 per cent and 1.5 per cent.

Energy stocks were the top laggards, declining close to 2 per cent after oil prices hit their lowest since before Russia’s invasion of Ukraine on Thursday.

Sector heavyweights Santos and Woodside Energy Group fell 1 per cent and 2.6 per cent, respectively.

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Australia: Shares end flat as tech, banks offset commodity losses

Technology stocks were largely unchanged, but set for a fifth straight weekly rise. ASX-listed shares of Block Inc slid 7.1 per cent and Xero slipped 1 per cent, while Computershare rose 0.6 per cent on Friday.

In New Zealand, the benchmark S&P/NZX 50 index rose 0.1 per cent to 11,737.16. REUTERS