Mining sector surges on overall quiet day for ASX
Strong gains by the mining sector are keeping the local bourse modestly in the green in what's shaping up to be the third straight day of quiet trading.
Shortly after noon AEDT on Friday, the benchmark S&P/ASX200 index was up 17 points, or 0.2 per cent, to 8,568.3, while the broader All Ordinaries was up 23.5 points, or 0.27 per cent, to 8,795.3.
The local currency, meanwhile, was at its highest level against its US counterpart since mid-November, buying 65.54 US cents, from 65.24 US cents at midday on Thursday.
The greenback has weakened in recent days on concerns that Donald Trump might lessen the independence of the Federal Reserve by appointing a more dovish "shadow" chairman before Jerome Powell's term officially expires.
With a few hours of trading left, the ASX200 was on track to finish the week up 0.7 per cent following Tuesday's rally prompted by the Iran-Israel ceasefire. It'll be the ASX's sixth winning week out of the last seven.
The materials sector was up 2.7 per cent, on pace for its best day since a 6.3 per cent gain on April 10.
BHP had gained 3.7 per cent, Rio Tinto had advanced 4.4 per cent and Fortescue had added 3.8 per cent.
Goldminer Northern Star had dipped 0.9 per cent, but peer Evolution had climbed 2.3 per cent and Newmont had gained 1.1 per cent.
In industrials, Reece was down 14.2 per cent to a more than two-month low of $14.90 after the plumbing supplier said that it expected to earn around $546 million this financial year, down from $681 million in 2023/24.
Chairman and CEO Peter Wilson said that the expected results reflected the backdrop of continuing macroeconomic headwinds, with recent interest rate cuts in Australia and New Zealand not yet translating into improved housing activity.
All of the big four banks were lower, with CBA down 1.1 per cent, Westpac dropping 0.5 per cent, ANZ declining 0.7 per cent and NAB dipping 0.6 per cent.
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