Utilities firms and energy companies helped to turn the Australian sharemarket around from its early losses on Friday, following a negative lead from Wall Street overnight.
Gold miner Evolution was the biggest large-cap advancer, while REA Group and ProMedicus were also among the best megacap performers.Consumer discretionary was the worst-performing sector as Wesfarmers shares lost 1 per cent, Lottery Corp. shed 1 per cent and JB Hi-Fi slid 0.6 per cent. Industrials were also weaker as infrastructure investment firm Infratil’s shares lost 2.2 per cent, Seven Group dropped 1.9 per cent and Computershare slid 1.4 per cent.
Mosaic Group, which operates budget clothing brands Noni B, Millers, Katies and Rivers, saw its shares crash as much as 20 per cent intraday after the company said it expects to post a marginal loss for the 2023-2024 financial year. The shares ended the session 12 per cent lower. “Rare earth stocks were the worst performers, with the broader mining sector still looking sluggish as the outlook for China’s growth remains murky,” he said.On Wall Street overnight, US stock indices edged back from their recent records, weighed down by a dip in the shares of market darling Nvidia, following a mixed set of reports on the American economy.
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