Aussie shares edge higher as gold shines, Coles slumps

The West Australian02-27

Australia's share market is on track for a third straight week of gains, despite what's looking like a quiet final session heading into the weekend.The S&P/ASX200 edged 12.3 points higher by midday, ...

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GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thewest.com.au/business/markets/aussie-shares-edge-higher-as-gold-shines-coles-slumps-c-21773482><strong>The West Australian</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Australia's share market is on track for a third straight week of gains, despite what's looking like a quiet final session heading into the weekend.The S&P/ASX200 edged 12.3 points higher by midday, ...</p>\n\n<a href=\"https://thewest.com.au/business/markets/aussie-shares-edge-higher-as-gold-shines-coles-slumps-c-21773482\">Source 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gained 16.5 points, or 0.12 per cent, to 9,419.8.The top-200 spent the morning seesawing either side of the break-even level after hitting a record intraday peak above 9,200 on Thursday, but a more than three per cent slump in consumer staples on the back of Coles' interim earnings miss weighed heavily.Basic materials provided some support to ballast the bourse, mostly coming from gold stocks after an initially positive response to US chipmaker Nvidia's results flipped negative overnight, shifting risk sentiment negative and send investors to safe havens.\"The signal here is that despite extraordinary results, there is an increasingly embedded sentiment and behavioural shift happening in the markets,\" Capital.com senior market analyst Kyle Rodda said.\"AI is being framed as a risk rather than opportunity, with investors more focused on avoiding losers than picking winners in a market plagued by valuation and overinvestment concerns.\"ASX-listed gold giants Northern Star and Evolution were up roughly three per cent each, as the All Ordinaries gold sub-industry jumped 3.4 per cent.The precious metal itself held relatively steady at $US5,175 ($A7,290) an ounce.Elsewhere in the sector, BHP took a breather after snapping four intraday record highs in as many days, easing 0.1 per cent to $57.67 on Friday, while Rio Tinto slipped and Fortescue gained ground.Iron ore futures have lingered near recent lows with Singapore futures trading near $US98.55 a tone.Lithium producers Liontown and PLS came off after strong performances this week, slipping more than seven and three per cent respectively on Friday.Lynas Rare Earths rocketed 7.2 per cent to four month highs of $18.48, surging for a second day after posting a first-half bottom-line net profit of $80.2 million.The heavily weighted financial sector faded 0.2 per cent by midday, as Commonwealth Bank shares dipped 1.5 per cent to $174.57, while Westpac crept lower as ANZ and NAB carved modest advances.In earnings, Coles was 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2025 calendar year, compared to a $140 million loss in 2024, which was impacted by decommissioning of mobile towers as part of its network sharing deal with Optus.The Australian dollar was buying 70.98 US cents, down from 71.34 US cents on Thursday at 5pm.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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