FX.co ★ Australian Shares Retreat from Record

In early trading on Friday, the S&P/ASX 200 index declined by 0.4%, dropping below 9,035, as it pulled back from the previous session's record high. This retreat was driven by losses in the energy, technology, and mining sectors, which overshadowed gains in the gold sector. Energy stocks were at the forefront of the decline, decreasing by 1.6% and poised for a third consecutive weekly loss due to ongoing uncertainties surrounding global supply. Both Woodside and Santos, key players in the oil and gas industry, experienced declines of 1.5% and 0.9%, respectively. The technology sector mirrored this downward trend, falling 1.1%, influenced by Wall Street's overnight dip amid renewed concerns regarding US regional banks and trade tensions, which dented investor sentiment. The mining sector also dipped by 0.3% due to weakening iron ore prices, with BHP shares declining by 0.6% in anticipation of upcoming production updates. Conversely, gold mining stocks performed strongly, climbing 2.5% to a record high, as rising bullion prices buoyed Northern Star shares, which rose by 3.5%. In terms of individual stocks, Iress saw a significant surge of 4.9% following new takeover interest, while Lynas Rare Earths fell by 5.1% amid profit-taking after experiencing a rally earlier in the week, spurred by Australia's critical minerals stockpile strategy.