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Synopsis
The S&P/ASX 200 index closed 0.3 per cent higher at 7,080.80, while gaining 0.8 per cent for the week.
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Metals and mining index rose 1.3 per cent, as iron ore and copper hit record highs, with heavyweights BHP Group and Rio Tinto gained 0.6 per cent and 1.1 per cent, respectively.
Australian shares ended higher on Friday, posting a weekly gain after two straight weeks of losses, as soaring commodity prices boosted miners, while the central bank raising its forecasts for the economy also buoyed sentiment. Global stocks rose ahead of U.S. jobs report and Federal Reserve s stance on monetary stimulus later in the day.
Australia shares end lower, mark best month in five
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Last Updated: Apr 30, 2021, 03:07 PM IST
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Synopsis
Beach Energy Ltd led losses as it plunged 24% after slashing reserve estimates and earnings outlook following a review of declining output at its Western Flank field in South Australia.
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The S&P/ASX 200 index fell 0.8% to 7,025.8 points, backing away from the previous session s 14-month peak.
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Australian shares ended lower on Friday, with Beach Energy s trading update weighing on sentiment, even as the index marked its best month in five.
The S&P/ASX 200 index fell 0.8% to 7,025.8 points, backing away from the previous session s 14-month peak.
Australians can cash in on the China-driven iron ore boom without even having to buy the commodity used to make steel.
Iron ore prices on Tuesday surged to a record high of $US193 a metric tonne, data from S&P Global Platts showed.
The record was reached before the Australian Bureau of Statistics on Wednesday revealed a record $14billion worth of iron ore was exported in March - up $2.5billion or 21.7 per cent from February thanks to strong demand from China, Australia s biggest trading partner.
Investors can cash in on the iron ore boom by buying exchange traded funds linked to the iron ore price, which has more than tripled since April last year with Brazil still yet to recover from the Vale tailings dam collapse two years ago.
Australian shares closed lower on Tuesday as investors consolidated positions ahead of the U.S. Federal Reserve's meeting and awaited cues from a big earnings week in the U.S.