Australian shares limp across the line to end week higher

Detailed summary

The US stock market has erased its early losses after absorbing big swings for Nvidia’s stock and oil prices. The moves suggest Wall Street sees limited fallout for the artificial…

Australian shares have risen for six of the past seven weeks despite a weak finish in the final session, after miners, banks and real estate trusts came under selling pressure.

The S&P/ASX200 fell 64.6 points on Friday, down 0.71 per cent to 9082.2, as the broader All Ordinaries lost 69.7 points, or 0.75 per cent, to 9204.5.

It was the third consecutive week of gains for the major indices, but volatility in artificial intelligence stocks, resurgent oil prices and tough domestic economic conditions limited the top-200’s upside to 0.7 per cent over the five sessions.

The heavyweight raw materials sector dragged on the major indices, tumbling 1.6 per cent.

“Copper fell 1.6 per cent to near its lowest level since July, tracking AI-driven equity jitters over Nvidia’s leadership crisis, tariff uncertainty and a stronger dollar,” ANZ analysts wrote in a research note.

“A renewed sell-off in bond markets pushed yields higher and weighed on investment appetite for gold, while the US dollar index climbed above 103, adding to pressure on the yellow metal.”

Spot gold fell to $US3895 ($5731) an ounce, while cryptocurrency Bitcoin – also a non-yielding asset – tumbled almost 7 per cent in two days to $US68,572 ($100,906), its lowest price since August.

Brent crude topped $US95 a barrel after US President Donald Trump played down hopes of a diplomatic solution to the Iran conflict, which has roiled energy markets and hampered global growth expectations for more than eight months.

Woodside and Santos, along with refinery operators Ampol and Viva, advanced modestly while coal producers lost ground.

Opening of the article, excerpted from The Sydney Morning Herald. To read the rest, open the article on the publisher's site.