Australian Shares Gain 0.15%, Up 0.6% for the Week

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Australian Shares Gain 0.15%, Up 0.6% for the Week
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 added 10.50 points or 0.14% to 7,425.90.on Friday, following a flat close in the previous session and gaining 0.6% for the week as market participants evaluate a slew of domestic quarterly meeting as well as Q3 earnings reports from major U.S. companies.

On the coronavirus front, New South Wales tallied 345 fresh cases, Victoria added 2189 cases and the ACT added 13 cases.

Among stocks, major mining companies dropped after Iron ore dipped 5.8% overnight. Rio Tinto (ASX: RIO ) lost 2.9% to $94.00. BHP (ASX: BHP ) fell 2.47% to $37.54, while Fortescue Metals Group Ltd (ASX: FMG ) lost 2.08% to $14.10. Lynas Rare Earths Ltd (ASX: LYC ) also dipped 6.85% after reporting lower sales and production in the June quarter as coronavirus restrictions affected logistics and personnel availability. Meantime, Qantas Airways Ltd (ASX: QAN ) added 0.88% after confirming plans to bring forward dates for resuming domestic travel.

ASX 200 Futures were up 10 points or 0.14%.

On the bond markets, Australia 10-Year yields were at 6-month highs of 1.815% while United States 10-Year were below 5-month highs at 1.687%.

Among data, a flash estimate revealed that both the Services and Manufacturing PMIs returned to expansion in October, as the country began the economic reopening process amid mass vaccinations.

In New Zealand, the NZX 50 added 0.32% to 13167.

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