The Australian sharemarket eased on Friday but recorded its second consecutive weekly gain as investors weighed geopolitical uncertainty and shifting global trade dynamics.
The S&P/ASX 200 fell 13.8 points, or 0.2%, to 9,019.0, with six of the 11 sectors closing in the red. Despite the decline, the index posted a 0.3% rise for the week.
Investors turned their attention to next week’s high-stakes meeting between United States President Donald Trump and Chinese President Xi Jinping, following Trump’s abrupt termination of trade talks with Canada that rattled global sentiment.
Healthcare stocks led the declines, with CSL falling 2.3%, ResMed losing 1%, and Telix Pharmaceuticals slipping 1.7%.
Consumer staples also weakened, with Woolworths down 0.4%, Coles slipping 1.4%, GrainCorp down 0.5%, and Metcash finishing 0.8% lower.
The financial sector lagged as major banks slipped, with Commonwealth Bank shedding 0.8%, NAB down 0.3%, and ANZ declining 1%.
Energy shares were mixed amid ongoing supply concerns after the United States imposed new sanctions on Russia’s two largest oil producers.
Beach Energy gained 0.4%, while Woodside rose 1%.
In contrast, Santos slid 1.2% after chairman Keith Spence offered no explanation for the sudden resignation of chief financial officer Sherry Duhe during investor briefings.
In the commodities space, gold prices extended their retreat from Monday’s record high of US$4,381.21 per ounce.
Newmont tumbled 4.4% despite posting stronger-than-expected quarterly results, as the company warned that fourth-quarter free cash flow would take a hit due to higher spending.
Lithium miner Pilbara Minerals outperformed, surging 9.1% on upbeat quarterly results.
On the bond markets, yields eased, with the 10-year Treasury yield down 0.3% to 4.147% and the 2-year yield slipping 1.1% to 3.349%.
