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Miners, energy push Australian shares higher; July retail sales lose steam



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AXJO gains for a third consecutive week

Star Entertainment on trading halt

July retail sales flat month-on-month

Updates to close

By Rajasik Mukherjee

Aug 30 (Reuters) -Australian shares rose on Friday, boosted by gains in mining and energy stocks amid a slew of corporate earnings, while investors assessed local retail sales data that was flatfor July.

The S&P/ASX 200 index .AXJO rose 0.6% to end the session at 8091.9.

Traders evaluated a flurry of corporate earnings this week, which pushed the benchmark higher. The S&P/ASX 200 has risen 0.8% for the week, its third consecutive week of gains.

"This earnings season has shown us that, by and large, the corporate sector has still been performing well despite the restrictive monetary policy settings," said Tim Waterer, chief market analyst at KCM Trade.

Earlier this month, the country's top lender Commonwealth Bank of Australia's CBA.AX annual profit beat market estimates sending its shares higher.

During the week, mining behemoth BHP Group BHP.AX also reported a better-than-expected annual profit.

Meanwhile, data showed that domestic retailsales were unchanged in July month-on-month, against an expectation of a 0.3% increase.

"The retail sales miss today was a slight drag on the market." said Waterer, adding that continued negative retail sales data would eventually get "the attention of the central bank."

Heavyweight miners .AXMM gained 0.8% as prices of most base metals strengthened on rising prospects of an imminent U.S. interest rate cut and better demand in China. MET/L

Energy stocks .AXEJ tracked oil prices higher to jump 1.3%.

Among corporate news, contracting firm Downer EDI DOW.AX was the top gainer on the benchmark, rising 17%, after reporting a higher annual profit.

On the other hand, Ramsay Health Care RHC.AX fell 6.8% to be the top loser on the bourse after its fiscal 2025 outlook underwhelmed investors.

Beleaguered casino operator Star Entertainment SGR.AX went on a trading halt earlier in the day to assess the impact of regulatory findings.

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.8% to finish the session at 12447.68.

Fletcher Building FBU.NZ gained 7% after it said its unit agreed to resolve plumbing failures in Western Australia.



Reporting by Rajasik Mukherjee in Bengaluru; Editing by Sonia Cheema

For more information on DIARIES & DATA: U.S. earnings diary RESF/US Wall Street Week Ahead .N/O Global Economy Week Ahead DATA/ ................................................................ For latest top breaking news across all markets NEWS1
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