Australia shares fade at weekly finish, miners drag

BHP

Yesterday 05:49

ASX200 up 1.3% for week
BHP, Rio down more than 2%
Macquarie drops nearly 4%
NZ50 logs best week since late August
Updates to market close
By Nikita Maria Jino and Shravya Marakini
Nov 6 (Reuters) - Australian shares edged lower on Friday, led by losses in heavyweight miners as investors booked profits a day after the benchmark's strongest session in over a year.
The S&P/ASX 200 .AXJO ended down 0.5% at 9,020.80. The benchmark advanced 2.6% on Thursday.
The index eked out a 1.3% weekly gain, benefiting from a dovish central bank which lifted interest rates to an 18-year high of 4.85%, combined with a Democratic midterms sweep boosting hopes of a resolution to the US-Israeli war on Iran.
Risk appetite on Friday, however, was hampered after a rout in Asia's tech-heavy markets and oil prices rebounding to $100 on Gulf supply concerns. MKTS/GLOB O/R
"The ASX is managing to hold up better than most regional peers precisely because the local market has less direct exposure to the AI and data-centre theme that has been hit hardest by the Democratic midterm result," said KCM Trade chief market analyst Tim Waterer.
Miners .AXMM logged their worst day since late October after a 7.9% surge in the last session, as the global AI selloff hit copper prices. BHP BHP.AX and Rio Tinto RIO.AX dropped 2.3% and 2%, respectively. MET/L
Technology stocks .AXIJ tracked overnight Wall Street losses, with WiseTech Global WTC.AX and Technology One TNE.AX falling 0.7% and 1.5%, respectively. .N
Conversely, financials .AXFJ closed up 0.6%. Macquarie MQG.AX, however, dipped 3.7% despite booking record first-half profit. Net profits at the investment bank's commodities and trading division jumped 83%, capitalising on volatile energy prices due to the Gulf conflict.
Investors are wary of betting on sustained commodity-driven profits as the Middle East conflict remains unresolved and the outlook for energy prices uncertain, Waterer said.
New Zealand's political parties ended their election campaigns while polls still remained tight as voters weigh a faltering economy and waning faith in the major parties.
The S&P/NZX 50 .NZ50 slipped 0.7% to 13,998.50. The index, however, booked a 1.5% weekly gain, its best since late August.

 (Reporting by Nikita Maria Jino and Shravya Marakini in Bengaluru; Editing by Nivedita Bhattacharjee)
 ((Nikita.Jino@thomsonreuters.com;))
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