The Australian sharemarket edged lower on Friday as easing geopolitical tensions in the Middle East dragged down oil and gold stocks, offsetting gains across most other sectors.
The S&P/ASX 200 Index slipped 11.5 points, or 0.1%, to close at 8,958.3, despite eight of the 11 sectors finishing higher.
For the week, the index declined 0.3%, but finished just 1% from all-time highs.
Materials and Energy led the losses as traders reacted to the Gaza peace plan and a more cautious tone in global markets.
Energy majors Santos, Woodside Energy, Beach Energy, and Viva Energy all declined as oil prices eased following the ceasefire agreement between Israel and Hamas.
Mining giants were also under pressure. BHP fell 2.1% after Bloomberg reported that its ongoing price dispute with China’s state-run iron ore buyer could extend into early next year amid a continuing stalemate.
Rio Tinto shed 1.7%, while Fortescue slipped 1.5%.
Gold miners weighed heavily on the index after spot gold prices fell 1.6% from record highs overnight.
Genesis Minerals led the declines, falling 5.7%, while Ramelius Resources and Regis Resources each lost 5.5%.
Newmont lost 2.9%, Northern Star retreated 2.1%, and Alkane Resources slumped 7.3% following an uninspiring market update.
Technology stocks were a bright spot, with WiseTech Global up 0.1%, Xero adding 1.2%, and TechnologyOne lifting 2.4%.
Among individual movers, L1 Capital Group surged 16.2% after stockbroker Angus Aitken’s email describing the firm as a “free cash machine” and predicting the stock could reach $2.
DigiCo rose 1.3% after announcing that chief executive Chris Maher had stepped down from the board. He will be succeeded by newly appointed Michael Juniper, formerly deputy CEO at AirTrunk.
On the bond markets, the 10-year yield eased 0.2%, while the 2-year yield edged up 0.3% to 3.542%.
