The S&P/ASX 200 closed the final trading day of the week on improved retail sales sentiment around the proposed Myer (ASX:MYR)-Premier Investments (ASX:PMV) merger, finishing the week 1.19% higher and trading just below the index 52-week high to close at 8,408 points.
The materials sector was 0.06% higher, adding 9.5 points to close at 16,588 points.
Engineering services firm Monadelphous Group (ASX:MND) was among the best performing large caps, rising 5.83% after announcing new deals with Rio Tinto (ASX:RIO) and saying it expects its fiscal 2025 first-half profit after tax to beat consensus estimates.
Profit after tax for the period ended 31 December 2024 is currently expected to be between $40 and $43 million.
BHP (ASX:BHP) and Fortescue (ASX:FMG) also gained following a subdued outlook for iron ore miners over concerns around China’s economy for the January trading period.
Lycaon Resources (ASX:LYN) was among the best performing small caps stocks on the markets today, rising 48.48% to $0.24 before going into a trading halt pending an announcement.
Markets are closed for the Australia Day holiday on Monday (27 January) ahead of the December quarter inflation report due to be released by the Australian Bureau of Statistics (ABS) on Wednesday 29 January.
Write to Dan Petrie at Mining.com.au
Images: iStock
