The Australian sharemarket closed up on Friday for a stabilising weekly gain.Trading in the miners pulled the ASX200 to a 0.41 per cent gain, set against losses in the telcos, utilities and real estate.The benchmark closed at 8657, gaining 35.3 points to post a 0.3 per cent rise across the week and its second weekly gain in the past six.The All Ords rose 0.41 per cent on Friday and the Small Ords lifted 1.1 per cent.The top performing sectors for the week were consumer stocks and financials, supported by rising unemployment softening the likelihood of further interest rate rises.Uranium equities were big movers Friday, with Paladin Energy lifting 5.9 per cent, Silex Systems jumping 6 per cent, and Bannerman Energy surging 6.7 per cent.More broadly across materials, prices were there for the taking following a 9 per cent sector dip since May 12 to Wednesday’s low.Rising copper prices propelled Sandfire Resources to a 3.5 per cent uplift, and Capstone Copper accumulated an extra 3.1 per cent.UBS upped its bullish view of copper, lifting price forecasts for the coming three years by 13 per cent, 4 per cent and then 3 per cent.Tight supply, long-term EV demand and AI-related data centres are pushing copper prices up.On the flip side, the telecommunications sector suffered large losses Friday.Telstra slid 1.5 per cent, REA Group lost 4.1 per cent and Seek fell 5.8 per cent.Tuas saw small afternoon gains to scrape back to even for the day after a horror week.Being investigated for a subsidiary possibly illegally using the wrong radio frequencies in Singapore, and the government there blocking an acquisition, the telco tanked 62 per cent on Monday. By Friday, Tuas announced conditions of the acquisition had not been met and all parties walked away.Shares closed unchanged for the day at $2.31.Utilities weighed heavy on daily trading too, with Origin losing 1.8 per cent, and Mercury NZ falling 2.8 per cent.Financials were mixed, as Insurance Australia Group copped a warning over failed financier Greensill; shares fell 3.4 per cent. The big four banks all gained between 0.5 and 0.9 per cent, and QBE Insurance fell 1.3 per cent.There was an investor fiesta over at Guzman Y Gomez, as the company jettisoned its US stores effective immediately. Shares surged as much as 20.6 per cent right out of the gates, and closed up 9.6 per cent.EToro analyst Josh Gilbert said Guzman Y Gomez was one of the “most shorted” stocks on the ASX, as investors lost faith in the US expansion well before Friday’s announcement.“What markets don’t forgive is open-ended losses with no end in sight, and that’s what the company’s US operations had become,” Mr Gilbert said.Looking ahead, monthly inflation data on Wednesday is expected to show headline inflation easing to 4.4 per cent, but a slight bump in the trimmed mean from 3.3 per cent to 3.4.* NewsWire’s publisher News Corp is majority owner of REA Group.Read related topics:ASX