Australian shares ended higher on Friday, but reported its first weekly loss this month, with investors now eyeing corporate results that are set to reflect the economic damage from the coronavirus pandemic.
The benchmark S&P/ASX 200 index <.AXJO> closed 0.5% higher at 5,242.6. For the week, it shed 4.5%.
Volatility and volumes remained subdued as supermarket operators and banks are set to kick-off a short earnings window.
Supermarket chains Woolworths <WOW.AX> and Coles Group <COL.AX> are likely to report a sales bump due to consumer stockpiling next week. Australia and New Zealand Banking Group <ANZ.AX> will commence earnings for banks.
"It will get increasingly harder for companies to window-dress earnings," said Brad Smoling, managing director at Smoling Stockbroking
The battered energy space <.AXEJ> led gains, rising 2%, helped by a rebound in oil prices. The sub-index still recorded a second straight weekly loss.
Woodside Petroleum <WPL.AX> was up 1.8%, while Oil Search <OSH.AX> closed 4.4% higher. Santos <STO.AX> was the only oil and gas company of the majors to post a weekly gain after it reassured markets that it could weather the crash in prices.
Oil faced a tumultuous week, with the global benchmark Brent <LCOc1> touching its lowest in more than two decades, while U.S. crude <CLc1> went negative on Monday for the first time ever. [O/R]
Healthcare stocks <.AXHJ> rose 1.7%, with Biotech firm and index heavyweight CSL Ltd <CSL.AX> adding 2.3%. The index posted a weekly loss after a four-week winning streak.
Meanwhile, Mesoblast <MSB.AX> jumped 38.9% after reporting an 83% survival rate in ventilator-dependent COVID-19 patients treated with its cell therapy.
Virgin Australia Holdings' <VAH.AX> administrators said the bankrupt airline was saddled with $4.4 billion worth of debt and will seek a three-month payment waiver from aircraft lessors.
The mining index <.AXMM> finished 1.6% higher, with BHP Group <BHP.AX> and Fortescue Metals Group <FMG.AX> gaining 2.7% and 3.4%, respectively.
In New Zealand, its benchmark S&P/NZX 50 index <.NZ50> fell 0.3% or 26.63 points to finish at 10,419.48.
Top power producer Meridian Energy <MEL.NZ> gained 2.8%.
The country's finance minister said more stimulus measures would be needed to boost the coronavirus-hit economy at some point and that there were a range of options still available.
(Reporting by Arpit Nayak in Bengaluru, additional reporting by Nikhil Kurian Nainan; editing by Uttaresh.V)
