Gold, oil stocks weigh down Aussie sharemarket but ASX 200 closes higher for the week

Lower gold and oil prices weighed on the Australian sharemarket on Friday, but overall the ASX 200 ended the week 1.3 per cent higher.

The Australian share market fell on Friday, led by drops in energy and mining stocks, but overall the ASX 200 ended the week 1.3 per cent higher thanks to strong gains on Thursday.

The benchmark ASX 200 index lost 11.4 points, or 0.15 per cent, to finish the session at 7770.6 points.

Some of the worst performing stocks were Genesis Minerals (down 6.25 per cent to $1.80) and Bellevue Gold (down 5.28 per cent to $1.88).

Among the big winners were Fisher and Paykel Healthcare (up 7.71 per cent to $24.18) after the company upgraded its profit forecast, Virgin Money UK (up 4.05 per cent to $4.11) and Goodman (up 3.39 per cent to $32.05).

The index is currently 1.05 per cent off of its 52-week high.

The broader All Ordinaries also closed lower, dipping 18.3 points, or 0.23 per cent, to 8026.3 points.

The broader All Ordinaries closed lower, dipping 18.3 points, or 0.23 per cent, to 8026.3 points. Picture: NCA NewsWire/ Gaye Gerard

Six of 11 sectors tumbled, including energy down 1.3 per cent and materials dropping 0.87 per cent.

Property bucked the trend, lifting 1.43 per cent, while healthcare was up 1.34 per cent.

The Australian dollar is trading at US65.32c — down about 1c on Thursday.

In the resources sector, BHP fell 0.82 per cent, while Rio Tinto dipped 0.48 per cent, Fortescue Metals dropped 2.11 per cent and Woodside closed 1.75 per cent lower.

In banking, CBA lost 0.44 per cent, Westpac weakened 0.75 per cent, ANZ climbed 0.10 per cent and NAB closed 0.06 per cent lower.

ANZ was the only one of the big four banks to make a minor gain on Friday. Picture: NCA NewsWire / Luis Enrique Ascui

CommSec chief economist Craig James said it was a very quiet day for company news.

“But lower gold and oil prices weighed on shares,” he said.

“Overnight, a raft of central banks held policy meetings and it was a mixed bag.

“No change in rates in England or Norway, but Switzerland cut rates for the first time in seven years and Brazil also lowered interest rates.”

Looking at the week ahead, the monthly consumer price index data will come out on Wednesday.

NAB economists have forecast headline CPI to be up 3.6 per cent year-on-year in February.

CBA and Westpac economists expect annual inflation to rise to 3.8 per cent.

ANZ expects annual inflation to rise slightly to 3.5 per cent.

It will also be a big week for dividend payouts, with about $18.8bn to be paid out to investors.

Originally published as Gold, oil stocks weigh down Aussie sharemarket but ASX 200 closes higher for the week