FX.co ★ Australian Stocks Extend Weekly Gains

The S&P/ASX 200 slipped about 0.1% on Friday, breaking a four-session winning streak, but still advanced 1.8% for the week—its second consecutive weekly gain—as robust corporate earnings supported overall sentiment and strength in the banks helped cap losses. Solid results from heavyweight names including BHP and National Australia Bank underpinned the market, while investors now shift focus to upcoming earnings from Woodside Energy, Woolworths, Coles and Qantas.

Throughout the week, companies that beat expectations were rewarded, with QBE Insurance Group posting strong gains, whereas weaker updates dragged on peers such as Suncorp Group. On Friday, banking stocks led the market higher, rising 0.7%, while technology shares and major miners were a drag. Rio Tinto, the world’s largest iron ore producer, closed 3.1% lower after reporting annual earnings that missed forecasts the previous day, and logistics software provider WiseTech Global fell 3.8%.