Australia shares end higher to mark best week since late-December

Australian shares edged higher on Friday to wrap up their best week in over a month, mainly driven by gains in technology stocks which rebounded after plummeting in the previous session.

The benchmark S&P/ASX 200 clawed back earlier losses to settle 0.6% higher at 7,120.1 points. It gained 1.9% for the week.

Technology stocks clocked gains of 1.1% in their first weekly jump since late-December. The gains came despite Facebook owner Meta losing over $200 billion in value overnight after a dismal forecast.

Sector leaders Block, Xero and Wisetech Global rose between 0.9% and 2.5%.

Mathan Somasundaram, chief executive officer at Deep Data Analytics, reflected on the implications of Meta’s loss in value for its Australian peers.

“It is going to be tough for tech stocks in the months ahead; (these) which have been outperforming over the last three years will start to feel more and more pressure,” he said.

Energy stocks closed 1.1% higher to gain about 4.9% for the week, as oil prices climbed due to persistent supply concerns.

Major oil and gas explorers Woodside Petroleum and Santos closed up 1.1% and 1%, respectively.

Miners climbed 0.2%, with heavyweights Rio Tinto and Fortescue Metals gaining about 0.4% and 1%, respectively, to mark their first weekly gain in three.

Separately, Australia’s central bank said it now sees core inflation peaking at 3.25% in the June quarter, yet wishes to keep its accommodative stance on policy.

In New Zealand, the S&P/NZX 50 closed 0.5% lower at 12,279.6, but still recorded its best week in over a year. The country on Thursday announced a phased reopening of its borders from later this month. (Reporting by Roushni Nair in Bengaluru; Editing by Shailesh Kuber)

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