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Australia shares end higher but posts first weekly loss in April

Published 24/04/2020, 05:31 pm
© Reuters.
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* ASX ends lower for week, snaps four-week winning run

* Energy stocks extend gains on oil rebound

* NZ ends lower; down for the week (Updates to close)

By Arpit Nayak

April 24 (Reuters) - Australian shares ended higher on Friday, but reported its first weekly loss this month, with investors now eyeing corporate results that are set to reflect the economic damage from the coronavirus pandemic.

The benchmark S&P/ASX 200 index .AXJO closed 0.5% higher at 5,242.6. For the week, it shed 4.5%.

Volatility and volumes remained subdued as supermarket operators and banks are set to kick-off a short earnings window.

Supermarket chains Woolworths WOW.AX and Coles Group COL.AX are likely to report a sales bump due to consumer stockpiling next week. Australia and New Zealand Banking Group ANZ.AX will commence earnings for banks.

"It will get increasingly harder for companies to window-dress earnings," said Brad Smoling, managing director at Smoling Stockbroking

The battered energy space .AXEJ led gains, rising 2%, helped by a rebound in oil prices. The sub-index still recorded a second straight weekly loss.

Woodside Petroleum WPL.AX was up 1.8%, while Oil Search OSH.AX closed 4.4% higher. Santos STO.AX was the only oil and gas company of the majors to post a weekly gain after it reassured markets that it could weather the crash in prices. faced a tumultuous week, with the global benchmark Brent LCOc1 touching its lowest in more than two decades, while U.S. crude CLc1 went negative on Monday for the first time ever. O/R

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Healthcare stocks .AXHJ rose 1.7%, with Biotech firm and index heavyweight CSL Ltd CSL.AX adding 2.3%. The index posted a weekly loss after a four-week winning streak.

Meanwhile, Mesoblast MSB.AX jumped 38.9% after reporting an 83% survival rate in ventilator-dependent COVID-19 patients treated with its cell therapy. Australia Holdings' VAH.AX administrators said the bankrupt airline was saddled with $4.4 billion worth of debt and will seek a three-month payment waiver from aircraft lessors. mining index .AXMM finished 1.6% higher, with BHP Group BHP.AX and Fortescue Metals Group FMG.AX gaining 2.7% and 3.4%, respectively.

In New Zealand, its benchmark S&P/NZX 50 index .NZ50 fell 0.3% or 26.63 points to finish at 10,419.48.

Top power producer Meridian Energy MEL.NZ gained 2.8%.

The country's finance minister said more stimulus measures would be needed to boost the coronavirus-hit economy at some point and that there were a range of options still available.

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