The benchmark S&P/ASX 200 Index added just 2.1 points on Friday to close at 7148.1, trimming its loss over the week to 2.6 per cent, its worst weekly performance in almost a year.
Iron ore giant BHP, which accounts for about 10 per cent of the benchmark gauge, staged a comeback on Friday to climb 1.4 per cent to $43.69 after clocking heavier losses earlier in the week. Fortescue Metals also rallied to close up 1 per cent to $20.33 and Rio Tinto added 0.9 per cent to $105.69.
The big four banks also weighed on the sharemarket this week, dragging the sector down 3.6 per cent. Commonwealth Bank, the country’s biggest lender, lost 5.1 per cent on the week as the shares traded ex-dividend. The bank fell another 0.6 per cent on Friday to the lowest close since June at 99.05¢. ANZ, Westpac and National Bank all lost more than 3 per cent over the five days.Corporate earnings from ASX heavyweights including AGL Energy, Origin Energy, and CSL dominated the trading week.
and said it would pay a special 30¢ dividend. Net income for the full year still dropped 52 per cent to $182.7 million, but it was better than analyst consensus. Other companies to report on Friday included property fund manager Centuria Capital, which fell 5.9 per cent to $1.43 after its FY24 guidance fell short, and Abacus Group, which jumped 10 per cent to $1.19 despite writing down its office and retail assets by more than 10 per cent.
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