FX.co ★ Australian Stocks End Lower

On Friday, the S&P/ASX 200 declined by 0.7% to close at 8,869, marking its third consecutive day of losses. However, it achieved a 1.8% rise for the month, representing its most substantial monthly increase since August. This growth has been driven by a significant climb in gold and base metals prices, as investors gravitate towards tangible assets in response to heightened geopolitical tensions and a weakened US dollar. Despite this, material stocks surrendered earlier gains as investors took profits following the surge of metal prices to record highs. BHP, a leading mining company, fell by 1.8%, while Rio Tinto experienced a 3.5% decline after forming a partnership with Chinalco, the China Aluminum Corporation, to acquire a majority share in Brazil’s aluminum producer CBA. Gold mining stocks also experienced a downturn, with Newmont dropping over 8%. Conversely, energy stocks inched up by 0.1%, reaching a six-month peak, driven by rising oil prices due to potential global supply challenges. Oil producer Santos saw a 2.5% increase in its share price following the awarding of three new gas exploration permits by Queensland, Australia’s second-largest gas-exporting state.