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Australian Shares Finish the Week 1.6% Higher as Miners Lift

Published 25/03/2022, 05:02 pm
Updated 25/03/2022, 05:06 pm
© Reuters.

© Reuters.

By Oliver Gray 

Investing.com - The S&P/ASX 200 added 19.10 points or 0.26% to 7,406.2 on Friday, gaining for the fourth consecutive session and closing at fresh 9-week highs as firm commodity prices boosted mining companies while healthcare, financials and technology dragged.

Materials finished 1.29% higher, as Rio Tinto Ltd (ASX:RIO) gained 0.74% BHP Billiton Ltd (ASX:BHP) gained 0.95%, Fortescue Metals Group Ltd (ASX:FMG) lifted 1.74%, Champion Iron Ltd (ASX:CIA) added 2.4%, Magnis Resources Ltd (ASX:MNS) gained 0.97%, Lake Resources NL (ASX:LKE) dipped 0.56%, Avz Minerals Ltd (ASX:AVZ) gained 3.17% and Piedmont Lithium Ltd (ASX:PLL) rallied 9.73%. Bluescope Steel Ltd (ASX:BSL) also gained 5.09%.

Energy companies gained 0.89% overall, as Woodside Petroleum Ltd (ASX:WPL) added 1.17%, Santos Ltd (ASX:STO) gained 0.63%, Beach Energy Ltd (ASX:BPT) added 1.24% and Viva Energy Group Ltd (ASX:VEA) lifted 0.87%.

Financials were down 0.5% overall, with Macquarie Group Ltd (ASX:MQG) up 0.65%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) down 0.4%, Commonwealth Bank Of Australia (ASX:CBA) down 1.33%, National Australia Bank Ltd (ASX:NAB) falling 0.41% and Westpac Banking Corp (ASX:WBC) dipping 0.59%

Meantime, Premier Investments Ltd (ASX:PMV) fell 1.59% after releasing half-year results that revealed a 13% drop in profits, though its interim dividend had increased.

On the bond markets, Australia 10-Year yields were steady at 40-month highs of 2.772%, while United States 10-Year rates were at 34-month highs of 2.368%.

In new Zealand, the NZX 50 added 0.31% to 12,055.

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