Financials traded in positive territory, adding 0.9%. All the "big four" banks were up, with ANZ Group Holdings rising 1.1%. Australian markets have priced in at least two more 25 basis-point rate hikes during this tightening cycle after inflation jumped to a 33-year high in the fourth quarter. Heavyweight mining stocks fell 1.8% and were the biggest drag on the benchmark index, after iron ore prices hit a two-week low on Thursday amid concerns about China demand recovery. Iron ore behemoths BHP Group , Rio Tinto and Fortescue Metals Group fell between 2.3% and 1.5%.
Energy stocks declined 0.8% after oil prices slumped
overnight. Sector majors Woodside and Santos lost 0.1% and 0.3%, respectively. Gold stocks fell 3.7% after rising 4.2% on Thursday,
as bullion prices reversed course to slip nearly 2% overnight. Northern Star Resources and NewCrest Mining lost about 3% each.
Among individual stocks, Insurance Australia Group plunged 7.7% and was staring at its worst session since March
2021, after the company received more than 15,000 claims post
massive floods in New Zealand.
New Zealand's benchmark S&P/NZX 50 index rose 0.2%
to 12,170.06.
(Reporting by Rishav Chatterjee in Bengaluru; Editing by
Subhranshu Sahu)
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