ASX snaps 3-week losing streak, gains 1.2% this week
Australian shares ended almost flat this Friday, with the S&P/ASX 200 dipping just 0.1%, but still managed a 1.2% gain for the week, snapping a three-week losing streak.
Markets stayed cautious after Iran turned down a US proposal to ease Middle East tensions, so global investors are still on edge.
Interest rates raised to 4.1%
Bank stocks slipped for the fifth week in a row, dragging the financial sector down by 0.2%.
Meanwhile, energy stocks kept climbing thanks to rising oil prices. The energy sub-index was set for a seventh consecutive weekly gain; Santos added 1.1%.
Gold stocks didn't fare as well and dropped 1.5%.
On top of all that, the Reserve Bank of Australia raised interest rates to 4.1% mainly because of rising energy costs and global uncertainty.
New Zealand's market also dipped slightly as similar worries played out there too.