ASX edges higher but ends week in the red
Make us a preferred source
Make us a preferred source on Google
The news: The Australian sharemarket nudged higher on Friday, with the ASX 200 gaining 0.17% to close out the week 0.12% lower at 7,040.80. The broader All Ordinaries index ended the week 0.23% lower.
The numbers: Utilities and energy stocks performed well on Friday, gaining 1.6% and 1.3%, while IT stocks slumped 1.7%, led by a 3.3% drop in WiseTech Global as chair Andrew Harrison announced his resignation.
The Aussie dollar is buying 65.6 US cents, slightly higher on Friday tracking with broader weakness in the greenback. The DXY dollar strength index is down about 2.9% since Monday.
Oil is on track for its first green week out of five, but futures have edged lower after OPEC+ delayed a meeting on supply cuts. Brent crude is trading at USD81.36, down about 0.7% for the day, while West Texas last traded at USD76.44 before US markets closed for the Thanksgiving holiday.
The context: The ABS will release October CPI data next Wednesday, which predates this month's cash rate hike from the RBA. Meanwhile, RBA governor Michele Bullock will take part in a panel discussion at a Bank for International Settlements conference in Hong Kong on Monday. On Thursday, investors will be looking forward to US GDP data and Manufacturing PMI figures from China later in the day. AGM season continues next week, with Link, Ramsay Health, Harvey Norman, Liontown and Lynas Rare Earths fronting shareholders.
The sources: Australian Shareholders' Association, ASX
