ASX Today Live News & Analysis

Australia's share market ended both the session and the week lower as falling commodity prices and stalled Persian Gulf peace talks weakened investor sentiment.

The S&P/ASX200 fell 61 points (0.7%) to 8,625.1 on Friday, while the broader All Ordinaries index also dropped 61 points (0.68%) to 8,855.9.

The ASX200 declined 1.2% over the week. According to Global X senior investment strategist Billy Leung, trading was relatively subdued, with the market moving within a narrow range after early weakness.

Materials were the biggest drag on the market as commodity-related stocks came under pressure. Financial stocks also weighed on performance following cautious commentary about the banking sector and housing market. Together, these sectors account for more than half of the Australian market and contributed significantly to the day's decline.

Iron ore futures have fallen for four consecutive weeks, dropping from around US$112 per tonne to US$102, due to increasing supply and weaker steel demand. This affected major miners such as BHP and Rio Tinto, while copper prices also fell more than 4% over two sessions.

Gold mining stocks declined as gold prices fell to US$4,445 (A$6,245) per ounce. Rare earth and battery mineral producers also lost ground.

The financial sector has now fallen in seven of the past eight weeks and ended the week at its lowest Friday close since December.

Energy stocks also weakened as Brent crude oil prices hovered around US$95 per barrel amid ongoing uncertainty surrounding the Persian Gulf energy crisis and continued regional conflict.

AMP deputy chief economist Diana Mousina noted that financial markets appear less focused on peace negotiations, with investors increasingly concentrating on measurable factors such as economic data and corporate earnings, both of which remain relatively strong.

While major US stock indices have reached multiple record highs this week, Australian investors remain cautious. Defensive sectors including healthcare, consumer staples, and utilities recorded consecutive weekly gains.

The IT sector was a standout performer, rising 7.6% over the week as investors bought data centre-related stocks and sought opportunities in undervalued software companies.

Company Highlights

Megaport surged more than 11% after completing a $518 million equity raising to fund investment in Nvidia chips as part of its artificial intelligence strategy.

Nib Holdings gained 2.5% after selling a large portion of its Australian and New Zealand distribution portfolio to Allianz for $50 million.

Currency Update

The Australian dollar weakened slightly and was trading at:

US Dollar: 71.25 US cents (previously 71.35)

Japanese Yen: 113.95 yen (previously 114.09)

Euro: 61.30 euro cents (previously 61.46)

British Pound: 53.03 pence (previously 53.14)

New Zealand Dollar: 121.43 NZ cents (previously 121.55)

ASX Summary

S&P/ASX200: Down 61 points (0.7%) to 8,625.1

All Ordinaries: Down 61 points (0.68%) to 8,855.9