The Australian sharemarket reversed early gains to finish slightly lower on Friday, weighed down by a sharp pullback in mining stocks amid profit-taking and weaker commodity prices.
The S&P/ASX 200 Index closed down 9.9 points, or 0.1%, at 8,630.8, despite nine of the index’s 11 sectors ending the session higher.
For the week, the benchmark index declined 1.3%.
The Materials sector led losses after copper retreated from record highs and gold prices fell to weekly lows as a stronger United States dollar pressured commodity markets.
Mining heavyweights BHP and Rio Tinto eased from record highs, falling 2.6% and 3.2% respectively, while Fortescue Metals Group lost 1.7%.
Gold miners also came under pressure. Northern Star Resources dropped 3%, Evolution Mining fell 5.5%, and Newmont Corporation closed 4.1% lower.
Mineral Resources was among the session’s weakest performers, plunging 7.7% after managing director Chris Ellison sold 1.75 million shares worth A$122.465 million in his first on-market share sale in nine years.
Utilities stocks also declined, with Origin Energy down 1.4%, Genesis Energy slipping 1%, and AGL Energy retreating 2.9%.
In contrast, the Information Technology sector led gains across the market. Xero climbed 8.1%, WiseTech Global rose 3.7%, and TechnologyOne advanced 3.1%.
Electro Optic Systems gained 4.1% as the company moved closer to taking control of the MARSS defence technology business.
On the bond markets, Australian government yields moved higher, with the 10-year yield rising 1.8% to 5.075% and the two-year yield gaining 1.7% to 4.747%.
