The S&P/ASX 200 closed flat at 8,718 on Friday, erasing earlier gains and ending the week down 0.1%, as a sharp drop in mining heavyweight Rio Tinto led the market lower. Rio Tinto slid more than 6%, its steepest one-day decline since July 2022, after confirming early-stage takeover talks with smaller peer Glencore, a potential deal that could create the world’s largest mining group with a combined value of about $207 billion. The stock was the biggest drag on the benchmark and the mining index, which slipped 0.3%, although gains in rival BHP Group helped cushion broader market losses. The financial sub-index also slipped 0.2%, with the four major banks down 0.1–0.6%, while the sector fell 2.5% for the week, its weakest weekly performance in seven weeks. On the upside, energy firms climbed 2%, their best day in over two months on stronger oil prices. Gold miners offered further support, with Northern Star Resources and Evolution Mining rising around 0.5% and 0.6%, respectively.
