Australian Shares End Week Lower Amid Global Uncertainty

Australian shares ended the week slightly lower on Friday, as investors remained cautious due to concerns about the Iran conflict and tightening global interest rates.

The S&P/ASX200 fell by just 1.2 points, or 0.01 per cent, to close at 8,731.2, while the broader All Ordinaries index gained 12 points, or 0.13 per cent, to reach 8,922.9.

This marks a fifth week of losses out of six, and the market has now fallen by four per cent since the start of the month. The record high set in early August seems like a distant memory at this point.

Local mining stocks bucked the trend on Friday, however, with raw materials stocks rising 1.4 per cent as copper and precious metals prices rebounded from recent sell-offs.

The Reserve Bank governor Michele Bullock warned that inflation remains too high, and that the central bank is focused on bringing it back down to prevent it becoming embedded in price and wage-setting decisions.