The local share market has finished the last day of the financial year barely in the green, with its morning gains fading ahead of another US inflation report and amid uncertainty about Joe Biden's political future.
The S&P/ASX200 had been up by as much as many as 59.4 points, or 0.7 per cent, abound lunchtime on Friday, but faded into the close.
The benchmark index finished the day up 7.9 points, or 0.1 per cent, to 7,767.5, while the broader Ordinaries gained 11 points, or 0.14 per cent, to 8,013.8.
The price action was roughly the mirror image from Thursday, where the market recouped nearly all of its sharp losses in the afternoon.
For the week the ASX200 lost 0.4 per cent, to finish June up 0.9 per cent. It lost 1.6 per cent for the quarter, but is still up 2.3 per cent in 2024.
It closed out the financial year up 7.8 per cent, outperforming savings accounts, but underperforming other global indexes.
It came as amid calls for Mr Biden to drop out of the US presidential race following a train-wreck debate performance against Donald Trump.
Traders may have been taking something off the table ahead of the Friday night AEST release of monthly US inflation data the Fed will likely rely on to help determine whether to cut interest rates in September.
End-of-quarter repositioning could also explain the unusual price action as traders sought to lock in gains and realise losses.
"Australian shares did well but were relative laggards on the back of ongoing China worries and concerns about the impact of rate hikes on Australian households," wrote AMP chief economist Shane Oliver.
More constrained and more volatile returns were likely in 2024/25, Dr Oliver added.
Five of the ASX's 11 sectors gained ground on Friday, three were flat and three lost ground.
In the financial sector, Suncorp rose 3.6 per cent to $17.41 and ANZ dipped 0.2 per cent to $28.24 after Treasurer Jim Chalmers approved Suncorp's $5 billion sale of its banking arm to ANZ.
The other big retail banks finished higher, with CBA up 0.9 per cent to $127.38, NAB climbing 0.6 per cent to $36.23 and Westpac adding 0.5 per cent to $27.23.
IAG added 7.2 per cent to $7.14 as the insurance giant announced it had bought reinsurance protection from global insurers to mitigate natural perils volatility for the next five years.
The heavyweight mining sector finished one per cent lower as losses for the iron ore giants outweighed gains by the goldminers.
Rio Tinto lost 2.1 per cent to $119, Fortescue dropped 1.2 per cent to $21.41 and BHP fell 1.1 per cent to $42.68.
Newmont added 1.7 per cent to $63.47, Evolution grew 1.5 per cent to $3.50 and De Grey Mining had climbed 4.6 per cent to $1.14 after lining up $1 billion in financing to develop its Hemi gold project in WA.
In the property sector, Mirvac grew 3.3 per cent to $1.87 after the real estate developer said it had completed the sales of $1 billion in assets, including 367 Collins Street in Melbourne, one of the city's most prominent office towers.
The Australian dollar was buying 66.29 US cents, from 66.67 US cents at Thursday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Friday up 7.9 points, or 0.1 per cent, at 7,767.5.
* The broader All Ordinaries gained 11 points, or 0.14 per cent, to 8,013.8.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 66.29 US cents, from 66.67 US cents at Thursday's ASX close
* 106.67 Japanese yen, from 106.95 Japanese yen
* 61.99 euro cents, from 62.35 euro cents
* 52.46 British pence, from 52.76 pence
