Australian shares drifted modestly lower on Friday as traders awaited US jobs figures for further signs of the likely trajectory of global interest rates.

On the day, the benchmark S&P/ASX 200 finished down 0.1 per cent or 9.5 points to 7822. In a quiet session, none of the ASX’s 11 sectors moved more than 1 per cent in either direction. The benchmark added 0.7 per cent over a week, buoyed by gains in coal and gold stocks.

Miners were the worst hit on Friday, down 0.5 per cent, weighed by a 2 per cent drop in the price of iron ore futures to $US110 per tonne. BHP fell 0.9 per cent to $44.39 and Rio Tinto dropped 1.1 per cent to $122.87. Banks also weighed on the index. Commonwealth Bank slipped 0.6 per cent to 127.10, while National Australia Bank dipped 1.2 per cent to $35.33.

The best performing sector was healthcare. It added 0.7 per cent as market heavyweights CSL, Cochlear and ResMed all gained.

The tepid day’s trading came ahead of the US unemployment figures on Friday night (AEDT), the last major data print ahead of the US consumer price index next week. In the UK, election results showed the Labour Party would take control of the country. UK and US share futures sat modestly higher at the closing bell in Australia.

Meanwhile, the Australian dollar touched its highest level since January 2 to buy $US67.4¢ following further weakness in the US dollar and as traders also mull the potential for the Reserve Bank of Australia to lift interest rates in 2024.

Stock movers

Elsewhere, the world’s largest oil group, Saudi Aramco, denied a Bloomberg report released on Thursday that claimed it was considering a bid for Santos. ASX-listed gas giant lost 0.1 per cent to $7.99 after jumping, 4.2 per cent on Thursday following the report.

West African Resources was the best performing stock on the benchmark on Friday. Shares rose 5.1 per cent to $1.44 after slumping 12 per cent a day earlier following a $150 million share placement priced at $1.37 apiece.

Shares in Magellan rose another 4.7 per cent to $9.50 to extend on a 6.1 per cent gain on Thursday, after it posted flat inflows for the month of June in a sign the recent string of outflows from the investment firm were abating.

Finally, Centuria Capital slipped 3.7 per cent to $1.58 after the investment manager was cut to a “sell” rating by analysts at UBS.