The ASX 200 added 16 points, or 0.2%, to finish at 8,764 on Friday, partially recovering losses from the previous session as process industries, retail, and transport stocks provided support. The advance remained modest, however, with sentiment fragile after weakness across Asian markets and a pullback in U.S. futures, as an overnight tanker attack near Oman rekindled doubts over a potential Middle East peace deal.
Three of the big four banks notched small gains. Miners were buoyed by higher copper and gold prices, with BHP up 0.8% and Rio Tinto rising 2.2%. Gold producers Northern Star and Evolution Mining each climbed around 3%, as easing expectations of an imminent U.S. rate hike underpinned bullion.
Despite Friday’s uptick, the local market declined 0.7% over the week, giving back strength from the prior two sessions, as resilient economic data heightened concern that the RBA may need to tighten policy further to curb inflation. Traders also turned cautious ahead of next week’s China PMI releases and the RBA’s June meeting minutes, following the central bank’s decision to pause after three rate increases since January.
