The Australian share market has reclaimed more of its midweek losses, closing higher hours before a make-or-break US jobs report that could determine the path of interest rates for the rest of the year.
The benchmark S&P/ASX200 index on Friday finished up 31 points, or 0.39 per cent, to 8,013.4, while the broader All Ordinaries gained 27.1 points, or 0.33 per cent, to 8,214.8.
The ASX200 finished the week 1.0 per cent lower, snapping its three-week winning streak, in a week that also highlighted a rotation out of the bourse's commodity sectors and into financials.
Overnight, three economic readouts painted a mixed picture of the health of the US economy, following weak manufacturing data released earlier in the week that led to Wednesday's sell-off.
All eyes were on the August non-farm payrolls report to be released Friday night, Australian time, with analysts describing it as the most consequential US labour market readout in several years.
Moomoo chief commercial officer Michael McCarthy said consensus expectations were the report would show the US added 170,000 jobs last month.
"A read below 140,000 could see investors step up in anticipation of deeper rate cuts, but a read over 200,000 could push back expectations of Fed support and drag shares lower," Mr McCarthy said.
Eight of the ASX's 11 sectors finished higher on Friday, with energy, materials and tech lower.
Energy was the biggest mover, falling 3.0 per cent for a 9.1 per cent drop for the week - the sector's worst weekly performance since a 24.7 per cent plunge in late March 2020, at the start of the COVID-19 pandemic.
The sector's struggles have been driven mostly by falls in the price of oil. Brent crude was hovering near a 14-month low of $US73 a barrel on Friday, on speculation that members of the OPEC+ oil cartel would unwind voluntary production cuts.
Also, spot uranium prices were down to under $US80 a pound, an 11-month low.
Woodside on Friday dropped 3.9 per cent to a two and a half year low of $24.02, Santos fell 1.4 per cent to a 10-month low of $6.92, Whitehaven Coal retreated 5.6 per cent to a 15-month low of $5.77 and yellowcake developer Deep Yellow dipped 5.5 per cent to a one-year low of 94c.
On the flip side, all of the big four banks were hitting their highest levels in years.
NAB climbed 1.4 per cent to a 17-year high of $39.05, ANZ and Westpac both added 1.7 per cent, to seven-year highs of $31.79 and $32.10, respectively, while CBA grew 1.5 per cent to an all-time high of $143.47.
In the heavyweight mining sector, BHP dropped 1.2 per cent to a nearly two-year low of $38.45, while Rio Tinto and Fortescue both dipped 0.1 per cent, to $107.02 and $16.12, respectively.
Goldminers gained as the precious metal traded for $US2,519 an ounce, near its all-time high. Evolution was up 1.0 per cent, Northern Star added 1.5 per cent and Newmont grew 0.5 per cent.
The Australian dollar was buying 67.35 US cents, from 67.24 US cents at Thursday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Friday up 31 points, or 0.39 per cent, at 8,013.4
* The All Ordinaries gained 27.1 points, or 0.33 per cent, at 8,214.8.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 67.35 US cents, from 67.12 US cents at Thursday's ASX close
* 95.68 Japanese yen, from 96.31 Japanese yen
* 60.55 euro cents, from 60.61 euro cents
* 51.05 British pence, from 51.12 pence
* 108.17 NZ cents, from 108.35 NZ cents
