The Australian sharemarket finished just below the flatline on Friday, capping a 1.5% weekly decline amid weakness in the consumer discretionary and utilities sectors.
The benchmark S&P/ASX 200 Index edged down 3.6 points to 8,881.9, despite seven of the 11 industry groups closing higher.
Consumer Discretionary led the declines, as JB Hi-Fi dropped 3.4%, Aristocrat Leisure fell 0.8%, and Wesfarmers slid 2.5%.
The utilities sector also weighed on the market, with Meridian Energy and Genesis Energy losing 2.1% and 1.3%, respectively.
Origin Energy slipped 2.8% after reporting flat gas production volumes from its Australia Pacific LNG venture in Queensland for the September quarter.
The company said electricity sales from its energy markets division were steady, but retail gas sales volumes fell 12% from a year earlier.
Investor sentiment was tempered as traders digested the outcome of a meeting between U.S. President Donald Trump and Chinese leader Xi Jinping in South Korea.
Trump described the discussion as an “amazing meeting”, saying China would halt rare earth controls and resume purchases of U.S. soybeans.
Gold producers were standouts on the day, buoyed by a rebound in bullion prices. Northern Star and Evolution Mining added 3.5% apiece, Westgold Resources rose 5.4%, and Newmont gained 3.2%.
The major banks finished in mixed territory, with Commonwealth Bank up 0.7%, National Australia Bank easing 0.1%, and Westpac gaining 1.1%.
ANZ shares slipped 0.6% as investors prepared for its full-year results. The lender noted that major restructuring items under new chief executive Nuno Matos would result in an after-tax charge of A$1.1 billion, while the Suncorp Bank acquisition would add $141 million in goodwill.
In corporate news, sleep device maker ResMed climbed 2.2% after reporting a 9% increase in first-quarter earnings yesterday to US$1.3 billion.
Steadfast Group tumbled 9.7% after CEO Robert Kelly temporarily stepped aside amid a workplace complaint investigation.
Mayne Pharma plunged 31.5% after Treasurer Jim Chalmers signalled he would block U.S. pharmaceutical company Cosette’s A$672 million takeover bid, citing concerns it could harm Australia’s economy.
On the bond markets, 10-year yields were unchanged at 4.301%, while two-year rates slipped 0.4% to 3.564%.
