The S&P/ASX 200 ended nearly flat at 8,588 on Thursday, halting its three-session decline, as strength in heavyweight miners outweighed losses in energy firms. The mining sector tracked iron ore prices higher, posting a modest 0.2% gain. The sector, which tends to benefit from a stronger Australian dollar, could see further upside next year as rate-hike expectations support the currency. Sector heavy BHP Group and Rio Tinto advanced 0.5% and 0.8%, respectively. Gold stocks also retreated, down 0.7%, likely on profit-taking after the sector hit a record-close in the prior session. On the flipside, energy firms fell to a near two-month low, led by a 2.7% drop in top oil and gas producer Woodside Energy after CEO Meg O’Neill departed to lead BP. Under her tenure, Woodside merged with BHP’s petroleum arm, creating a top-10 independent producer and doubling output. Meanwhile, banks finished flat, as a 0.7% gain in Commonwealth Bank of Australia offset losses across the rest of the big four.
