Australian shares saw a modest increase on Friday, driven primarily by gains in the mining sector due to rising commodity prices, bringing the S&P/ASX 200 closer to a record high. At 11:30am, the S&P/ASX 200 is 0.23 per cent higher at 8,222. This uptick followed a 1 percent rally on Thursday after three consecutive sessions of losses. BHP and Rio Tinto each rose as iron ore prices exceeded $US100 a tonne in Singapore, spurred by stimulus measures in China. In contrast, Star Entertainment's shares fell 50 percent to 21 cents on its first day of trading since late August, while the major banks, including Westpac, saw declines.
The SPI futures are pointing to a rise of 10 points.
Best and worst performers
The best-performing sector is Materials, up 2.67 per cent. The worst-performing sector is Energy, down 1.02 per cent.
The best-performing large cap is Mineral Resources (ASX:MIN), trading 11.29 per cent higher at $48.00. It is followed by shares in Treasury Wine Estates (ASX:TWE) and Pilbara Minerals (ASX:PLS).
The worst-performing large cap is Endeavour Group (ASX:EDV), trading 3.42 per cent lower at $4.945. It is followed by shares in Spark New Zealand (ASX:SPK) and GQG Partners (ASX:GQG).
Commodities and the dollar
Gold is trading at US$2694.30 an ounce.
Iron ore is 1.8 per cent higher at US$98.05 a tonne.
Iron ore futures are pointing to a 3.34 per cent rise.
One Australian dollar is buying 68.83 US cents.
