Fresh slides in oil prices have put some of Australia’s biggest energy players under pressure and pushed the share market to its worst weekly performance in more than a month.
However, the local bourse managed to finish Friday’s session slightly higher, as gains among the big banks and some materials stocks offset weakness in the energy sector.
IG market analyst Evan Lucas said the market managed to get back in the green after four negative trading days in a row.
“There’s a real punishing trade going on in the energy space as the oil price is below $US75 per barrel,” Mr Lucas said.
“That’ll be one area to watch next week, with the expectation that oil will fall further.”
A four per cent slide in oil prices overnight hit energy stocks, with the sector also down about four per cent this week.
Oil producer Woodside Petroleum lost 67 cents to $39.44, Santos dropped 19 cents to $11.98 and Oil Search was off 16 cents at $8.19.
Coal miners also fell, after Glencore said it will shut down its Australian coal operations for three weeks due to an oversupply of the commodity.
Whitehaven Coal dropped 5.5 cents to $1.365 and New Hope was one cent lower at $2.44.
The big four banks rose and other mining stocks were mixed.
Commonwealth Bank added 50 cents to $81.77, ANZ rose 28 cents to $32.33, National Australia Bank gained 29 cents to $32.69 and Westpac was seven cents richer at $33.03.
Mining giant BHP Billiton closed flat at $33.25, Rio Tinto added 35 cents to $60.05 and Fortescue Metals gained two cents to $3.05.
KEY FACTS
* At the close on Friday, the benchmark S&P/ASX200 index was up 11.6 points, or 0.21 per cent, at 5,454.3.
* The broader All Ordinaries index was up 10.3 points, or 0.19 per cent, at 5,433.8.
* The December share price index futures contract was 20 points higher at 5,469, with 20,091 contracts traded.
* The price of gold in Sydney at 1700 AEDT was $US1,155.60 per fine ounce, down $US13.20 on Thursday’s price of $US1,168.80.
* National turnover was 1.3 billion securities worth $3.8 billion.
