Australian shares ended lower on Friday as tech and utilities stocks slumped, though gains in material companies capped the losses. The benchmark index, ASX200, closed 0.3% lower at 7,392.6 and settled the week with a marginal loss of 0.02%.
On the sectoral front, all indices barring A-REIT, industrial and financial, closed in negative terrain. Information technology emerged as the worst performer with a 2.4% loss, followed by utilities which tumbled 1.8%. Bucking the trend, A-REIT ended with a 1.35% gain, while industrial and financial sectors ended marginally higher.
For the week, nine of the 11 sectoral indices ended in red zone, while tech and utilities declined the most.
Meanwhile, the material sector was the top performer, gaining 2.82% over the past five sessions. The gain in material space was driven by a strong rally in index heavyweights BHP Group (ASX:BHP), Rio Tinto (ASX:RIO) and Fortescue Metals Group (ASX:FMG) which touched their respective record highs during the week.
BHP (ASX: BHP)
Shares of the world’s leading miner BHP Group (ASX: BHP) rose 0.3% to close Friday’s trade at AU$53.49. During the day’s trade, the stock gained as much as 2.28% to hit 52-week high of AU$54.55. Over the last five sessions, the iron miner gained 3.06%.
Rio Tinto (ASX: Rio)
The share price of global miner Rio Tinto (ASX: RIO) ended 0.56% lower at AU$133.42 on Friday as investors resorted to profit booking after strong rally in the last few sessions. The stock opened higher and gained over 2% to hit fresh 52-week high of AU$136.90.
Fortescue Metals Group (ASX: FMG)
Shares of iron ore miner Fortescue Metals Group (ASX: FMG) ended Friday’s trade at AU$24.91, down 5.29%. On Thursday, the stock gained over 2.5% to hit 52-week high of AU$26.49. However, overall, the stock ended the week with a 2.28% loss.
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