The Australian sharemarket pulled back from record territory on Friday, weighed down by losses in the banking, health and real estate sectors, while a rebound in iron ore prices supported mining stocks.
The benchmark S&P/ASX 200 Index dipped 36.6 points or 0.4% to 8,514.2, with six of 11 sectors closing in the red.
The index ticked up by just 0.1% for the week.
Financials led the declines, as Commonwealth Bank dropped 2.8% from record levels, and the other major lenders - ANZ, NAB and Westpac - lost 1.8%, 1.6%, and 1.9%, respectively.
Health care names were broadly weaker, with CSL losing 2.4%, ResMed down 2.6%, and Sigma Pharmaceuticals shedding 2%.
The real estate sector also saw significant pressure, as several companies traded ex-dividend. Goodman Group closed down 0.8%, Scentre Group fell 0.3%, and Stockland declined 2.7%.
In contrast, major miners rallied as iron ore futures in Singapore rose 1.4%.
BHP surged 3.9%, Rio Tinto gained 4.6%, and Fortescue Metals advanced 3.6%.
Lithium stocks also enjoyed a second straight session of gains following Thursday’s news that Vanguard had become a substantial shareholder in PLS (formerly Pilbara Minerals).
PLS added 4.6%, and Liontown Resources gained 2.9%.
In corporate news, plumbing supplies company Reece plunged 18.7% after it warned that FY25 earnings would drop to between $548 million and $558 million, down from $681 million in the prior year.
The company also announced that former NAB chief executive Ross McEwan would retire from its board.
Woolworths slipped 1.2% after revealing plans to shutter its loss-making MyDeal online marketplace, just three years after acquiring it, while Coles dropped 1.7%.
On the bond markets, the 10-year yield rose 0.4% to 4.146%, while the 2-year yield edged 0.1% higher to 3.205%.
