The Australian sharemarket posted its strongest weekly performance so far this year, rebounding from seven-month lows this week despite investor concerns about the global economic outlook.
The S&P/ASX 200 13.20 points or 0.2% to 7,932.1, snapping a three-week losing streak with a 1.8% weekly rise.
Six of the 11 sectors posted gains, led by consumer staples and industrials.
Supermarket giants Woolworths and Coles led the rally, surging 6.3% and 4.9%, respectively, buoyed by a competition regulator’s report stating they were among the most profitable grocery retailers globally but found little evidence of price gouging.
However, market sentiment remained mixed as investors navigated the implications of U.S. inflation trends and President Donald Trump’s renewed tariff measures aimed at boosting American industries.
The materials sector faced headwinds, particularly in critical minerals and coal mining, after Trump invoked emergency powers to ramp up domestic U.S. production.
Paladin Energy slumped 4%, New Hope Corporation lost 2.1%, Whitehaven Coal dropped 2.7%, and Coronado Global Resources tumbled 13% to record lows.
Lithium producers also faced losses, with Liontown Resources down 5.7% and Pilbara Minerals shedding 5.1%.
On the bond markets 10-year yields lifted 0.4% to 4.4% and 2-year rates added 0.1% to 3.746%.
