Shares end week down as oil price, AI doubts hit miners
By Adrian Black
Australia's share market has ended the week lower after a shocking five sessions for miners. -AAP Image
Australia's share market has snapped a three-week winning streak after surging oil prices and tremors in the artificial intelligence narrative hammered resource stocks.
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The S&P/ASX200 rose two points on Friday, up 0.02 per cent, to 8795.2, but was down 0.13 per cent for the week, as the broader All Ordinaries lost 11.3 points, or 0.13 per cent, to 8905.8 in the final session.
Raw materials stocks have dragged the bourse lower, the segment dropping almost eight per cent since Monday and down almost 20 per cent from late August's all-time highs.Â
A rebound in the heavyweight financials sector helped limit damage at the index level, as dip-buyers sought shelter in recently neglected bank stocks.
The Australian dollar is buying 70.05 US cents, down from 70.12 US cents on Thursday at 5pm.
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