SYDNEY, AAP – Investors had their first week of losses in the past six on the ASX while keenly awaited US inflation data could prompt more erratic trading.

Some optimistic trade at the end of the week did not prevent losses of 0.83 per cent for the five-day stretch.

The benchmark S&P/ASX200 index on Friday closed higher by 32.7 points, or 0.45 per cent, to 7308.

The All Ordinaries closed up by 39.5 points, or 0.52 per cent, to 7578.6.

Investors gave ASX materials shares a one per cent rise after the US government agreed to spend $US1.2 trillion ($A1.6 trillion) on roads, airports, broadband and more.

US President Joe Biden’s plan to further stimulate the US economy out of its pandemic funk also helped US markets higher.

Yet the economy’s strong recovery has made inflation a concern for investors.

US inflation for the 12 months through May was five per cent, the biggest year-on-year increase since August 2008.

Some Federal Reserve officials last week flagged rate rises may occur as early as 2023.

The inflation story will unfold further when another measure of May prices is published overnight.

IG Markets analyst Kyle Rodda said a higher than expected reading could prompt stock market volatility and a higher US dollar.

ASX traders will face the fallout on Monday.

Meanwhile, people in Sydney’s city centre will begin a one-week lockdown as health workers deal with a developing coronavirus outbreak.

People who live and work in four council areas have been told to stay home after 22 more infections were found across Sydney.

People from Sydney or NSW remain barred from travelling to most states and territories.

The Seven Group has increased its offer for a bigger chunk of Boral.

Seven is offering $7.30 per share if allowed to increase its stake in the materials supplier by five per cent to 29.5 per cent

Seven will pay $7.40 per share if allowed to increase its stake by 10 per cent to 34.5 per cent.

Boral directors have yet to respond to the offer, which is valid to July 2.

Investors pushed Seven shares on the ASX down 2.64 per cent to $20.30.

Boral shares were up 6.38 per cent to $7.34.

The former Woolworths business Endeavour Group improved on its first full day of share trading.

The demerged entity, which owns the BWS and Dan Murphy’s stores, closed up 1.33 per cent to $6.10.

Woolworths was down 2.57 per cent to $36.78. The retail giant lost 11.2 per cent on Thursday.

Consumer staples shares were the worst performers on Friday and shed 0.93 per cent.

The miners were strong and all gained in the wake of the US infrastructure deal.

BlueScope Steel gained 2.63 per cent to $22.26.

BHP climbed 0.63 per cent to $47.90. Fortescue was higher by 0.79 per cent to $22.92. Rio Tinto was better by 0.69 per cent to $125.22.

Westpac paid an interim dividend of 58 cents per share.

The bank closed better by 0.23 per cent to $25.89.

Its peers in the big four all gained by less than one per cent.

Market giant CSL finished a poor week down by 0.52 per cent to $285.13. The biotech lost more than six per cent this week.

Southern Cross Media gained 6.53 per cent to $2.12 after a deal to show Network 10 programs.

The broadcaster will show four channels from Network 10 in regional Queensland and regional Victoria, as well southern NSW, for two years.

The Australian dollar was buying 75.91 US cents at 1724 AEST, higher from 75.79 US cents at Thursday’s close.


* The benchmark S&P/ASX200 index on Friday closed higher by 32.7 points, or 0.45 per cent, to 7308.

* The All Ordinaries closed up by 39.5 points, or 0.52 per cent, to 7578.6.

* At 1724 AEST, the SPI200 futures index was down eight points, or 0.11 per cent, to 7199.


One Australian dollar buys:

* 75.91 US cents, from 75.79 cents on Thursday

* 84.08 Japanese yen, from 84.04 yen

* 63.59 Euro cents, from 63.49 cents

* 54.60 British pence, from 54.28 pence

* 107.31 NZ cents, from 107.35 cents.