Australian shares reached a new all-time closing high on Friday, buoyed by a strong rally in the mining sector that offset losses across nearly every other industry.
Star Entertainment, however, suffered a staggering decline of over 44%, marking a record low on its first day of trading in a month.
The S&P/ASX 200 index closed up 8.5 points, or 0.1%, at 8,212.2. For the week, the index ended flat, following two weeks of gains.
The advance was primarily driven by materials stocks, as recent stimulus pledges from China bolstered optimism regarding demand for iron ore, copper, and lithium. The materials sub-index enjoyed its best week since 2016, surging 9% over the last five days.
Shares in Rio Tinto rose 3.4% to $127.45, while BHP climbed to a four-month high of $44.86, closing 3.1% higher at $44.74. Fortescue gained 3.6% to reach $20.1, fueled by a more than 4% jump in iron ore prices across Asia.
Lithium miners also experienced significant gains, led by a 14% surge in Mineral Resources, which climbed to $49.14.
This movement follows a series of Chinese stimulus measures aimed at revitalising the nation’s sputtering economy, focusing on enhancing domestic consumer spending rather than the construction sector.
On the ASX, eight of the eleven sectors were in the red, with health leading the losses. Supermarket giants Woolworths and Coles faced declines amid increased scrutiny from the competition watchdog regarding their oligopoly.
Coles slipped 0.5% to $18.06, while Woolworths managed a slight gain of 0.2%, closing at $33.43.
Star Entertainment was the most significant casualty on the index, plummeting 44.4% to 25 cents, hitting an all-time low of 20.5 cents due to write-downs and substantial losses.
In addition, the big four banks experienced declines as the market rotated out of financials into mining stocks, with National Australia Bank dropping 1.8% to $36.94.
In corporate news, hospitality and beverages company Endeavour Group was among the biggest losers, down 2.5% to $4.99 following the announcement of CEO Steve Donohue's departure.
Funds management firm GQG Partners fell 2.4% to $2.81 after receiving a $725,000 penalty from the U.S. regulator for violating whistleblower protection rules.
On the bond markets, 10-year rates were at 3.965%, while 2-year rates were at 3.612%.