The Australian sharemarket closed higher on Friday, recording its second weekly gain in the past six weeks as strength in mining stocks supported the market.
The ASX200 rose 0.41 per cent on Friday, adding 35.3 points to close at 8,657. The benchmark index finished the week up 0.3 per cent. The All Ordinaries index also climbed 0.41 per cent, while the Small Ordinaries index gained 1.1 per cent.
Mining stocks led the market higher despite weakness in telecommunications, utilities and real estate sectors. Consumer and financial stocks were the strongest performers for the week, helped by rising unemployment data that reduced expectations of further interest rate increases.
Uranium companies delivered strong gains on Friday, with Paladin Energy rising 5.9 per cent, Silex Systems increasing 6 per cent and Bannerman Energy jumping 6.7 per cent.
Copper-related stocks also performed well, supported by rising copper prices. Sandfire Resources gained 3.5 per cent, while Capstone Copper rose 3.1 per cent. UBS increased its copper price forecasts for the next three years, citing tight supply, growing demand from electric vehicles and expanding AI-driven data centres.
However, telecommunications stocks struggled. Telstra fell 1.5 per cent, REA Group dropped 4.1 per cent and Seek declined 5.8 per cent.
Tuas recovered from earlier losses to finish flat at $2.31 after a turbulent week. The company had suffered a sharp decline after concerns over its Singapore operations and a blocked acquisition deal. By Friday, the company confirmed the acquisition would not proceed after conditions were not met.
Utilities also weighed on the market, with Origin Energy falling 1.8 per cent and Mercury NZ losing 2.8 per cent.
Financial stocks showed mixed results. Insurance Australia Group dropped 3.4 per cent after receiving a warning linked to failed financier Greensill, while the major banks posted gains ranging between 0.5 and 0.9 per cent. QBE Insurance also slipped 1.3 per cent.
Meanwhile, Guzman Y Gomez attracted strong investor interest after announcing the immediate closure of its US operations. Shares initially surged more than 20 per cent before ending the day up 9.6 per cent.
EToro analyst Josh Gilbert said Guzman Y Gomez had been one of the most heavily shorted stocks on the ASX, with investors already concerned about losses from its US expansion.
Looking ahead, investors will focus on monthly inflation figures due on Wednesday, which are expected to show headline inflation easing to 4.4 per cent, while trimmed mean inflation is forecast to edge up slightly from 3.3 per cent to 3.4 per cent.