The S&P/ASX 200 fell 1.4% to close at 8,918 on Friday, breaking a two-session winning streak, but still recorded its strongest weekly advance since late April 2025, underpinned by a strong corporate earnings season.
Banks drove much of the weekly strength, gaining 5.4% over the period, the sharpest weekly rise since mid-March 2022, although the sector slipped 1% on the day. Westpac hit a record high on Friday after reporting improved quarterly profit, while Commonwealth Bank posted record half-year earnings on Wednesday and ANZ Group delivered a quarterly profit that beat expectations on Thursday. National Australia Bank will report its quarterly results next week, keeping investor attention firmly on the banking sector.
However, gains were constrained by weak leads from Wall Street, where an intensified selloff in technology stocks reflected growing concerns about AI-driven disruption. Locally, technology shares slumped to a two-year low, led by software firm WiseTech Global, which tumbled 10.4%. Gold miners also retreated, losing 3.4% and pulling the broader mining sector down 2.2%.
