The S&P/ASX 200 edged down 0.2% to around 9,060 in early Friday trade, snapping a four-session winning streak, as weakness in heavyweight miner Rio Tinto weighed on the index. Shares of the world’s largest iron ore producer fell as much as 3% after the company reported annual earnings that missed expectations, with softer iron ore performance overshadowing strong gains in copper.
Despite Rio’s decline, the broader mining sub-index added 0.4%, supported by strength in other major names. BHP advanced about 1%, while gold producers rallied in step with overnight gains in bullion, driven by heightened geopolitical tensions. QBE Insurance also surged after beating full-year profit forecasts on the back of lower claims and stronger investment income.
The financial sector hovered near record highs, as weakness in Commonwealth Bank offset gains in Westpac and ANZ. Local technology stocks retreated 2.6%, tracking the overnight pullback on Wall Street, with WiseTech Global sliding about 5%.
