FX.co ★ Aussie Stocks End the Week Higher

The S&P/ASX 200 experienced a modest rise of 0.2%, concluding at 8,788 on Friday. This upswing came as a rebound from previous downturns, notably driven by robust growth in the mining sector, which benefited from elevated copper prices. These gains successfully countered the decline faced by biotech giant CSL, which was impacted by concerns over impending US pharmaceutical tariffs. The mining sector advanced by 1%, achieving its most significant weekly increase in a year at 6.7%. This surge was fueled by copper prices nearing six-month highs due to supply anxieties following Freeport's declaration of force majeure. Leading industry players, BHP and Rio Tinto, recorded rises of 1.3% and 1.2%, respectively, marking a three-week high for BHP and Rio Tinto's strongest performance since February 21. Both companies are increasingly prioritizing copper, a crucial metal for global efforts toward decarbonization and electrification. Conversely, CSL Ltd, a major entity in the biotech sector, fell by 1.9% in anticipation of imminent US tariffs that will impose 100% duties on branded and patented pharmaceuticals starting October 1. For the week, the ASX index recorded a 0.2% increase, marking its first weekly gain in four weeks.