Australian shares inch lower as banks, gold stocks drag; Johns Lyng surges
July 11 (Reuters) - Australian shares edged lower on Friday, as losses in banking and gold stocks outweighed gains in miners, while Johns Lyng Group soared after the building services provider agreed to a takeover offer from Pacific Equity Partners.
The S&P/ASX 200 index .AXJO fell 0.1% to 8,583.6 by 0026 GMT. The benchmark has lost 0.2% so far in the week after two consecutive weeks of gains.
Overnight, the S&P 500 and Nasdaq registered record closing highs, and Nvidia's NVDA.O market value closed above $4 trillion for the first time. .N
Markets largely shrugged off U.S. President Donald Trump's latest tariff missives, including a new 50% tariff on copper imports from August 1.
In Sydney, shares of Johns Lyng Group JLG.AX climbed 23.3% and were on track for their best day ever, after the company agreed to be acquired by Pacific Equity Partners for an equity value of A$1.1 billion ($725.01 million).
Index heavyweight financials .AXFJ fell 0.8%. National Australia Bank NAB.AX, Westpac WBC.AX and Commonwealth Bank of Australia CBA.AX were down between 0.1% and 0.3%.
The Reserve Bank of Australia on Tuesday held its cash rate steady at 3.85% in a surprise move, saying the majority of the board wanted to wait for more information to confirm inflation was slowing.
Gold stocks .AXGD dropped 0.9%, with Evolution Mining EVN.AX and Northern Star Resources NST.AX shedding 1.9% and 0.7%, respectively.
Miners .AXMM rose 2.1% after iron ore prices climbed overnight on hopes of a new wave of reforms to rein in steel supply and more stimulus measures from top consumer China. IRONORE/
Shares of BHP BHP.AX and Rio Tinto RIO.AX were up 2.6% and 2.5%, respectively, while Fortescue FMG.AX advanced 3.8%.
In New Zealand, the benchmark S&P/NZX 50 index .NZ50 rose 0.2% to 12,781.39. It was down 0.1% so far in the week.
($1 = 1.5230 Australian dollars)
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