Australia shares post first weekly gain in four weeks, property sector shines
Australian shares posted their first weekly gain in four weeks on Friday, as significant gains in real estate firms pushed the benchmark higher although fears of an impending global recession and the festering Sino-U.S. trade spat kept investors cautious.
The S&P/ASX 200 index closed 0.3 per cent higher at 6,523.10 and the benchmark gained over 1.8 per cent for the week.
Most property stocks gained with the sector index tacking on 2.3 per cent.
Goodman Group finished more than 4 per cent higher to stand among the top percentage gainers on the benchmark after the firm reported a more than a 48 per cent jump in annual profit.
Underpinning positive sentiment in the real estate sector, Dexus, Charter Hall Group and Mirvac Group gained as much as between 1 per cent and 3 per cent.
“The softening of interest rates in Australia has been the focus in the results commentary of most of the property groups,” said James McGlew, executive director of stock broking at Argonaut.