The S&P/ASX 200 index closed 0.7% larger at a document peak of 8,938.60. The benchmark closed 0.8% firmer for the week.
High gainers included power agency Ampol, up greater than 7.7% to log its highest shut since February 3, and Liontown Sources, which ended 5.6% firmer.
Earlier within the week, the Reserve Financial institution of Australia (RBA) delivered its third fee reduce of the yr, signaling additional easing could also be wanted and boosting shopper sentiment.
The RBA started its pivot in February, stepping down from a 12-year peak. With three cuts now behind it, markets are leaning into the view {that a} broader easing cycle is gathering momentum.
One other key catalyst was standout earnings from main firms, together with Westpac, Australia’s third-largest lender, insurance coverage agency Suncorp, and energy producer Origin Vitality. “Following the ASX200’s push to document highs on daily basis this week and given the ASX200’s sensitivity to RBA rate-cut expectations, we count on the ASX200 to increase its positive factors in the direction of the subsequent upside goal at 9,000 within the weeks forward,” mentioned Tony Sycamore, market analyst at IG Australia. Charge-sensitive banks led the session’s positive factors, climbing 1%, with the “large 4” lenders up between 0.6% and a pair of.1%. Miners added 1.4% to shut at their highest level since September 30, 2024, with BHP Group, Rio Tinto and Fortescue advancing between 1% and 1.4%. The sub-index logged a second consecutive weekly achieve.
Australian power shares rose 1.1%, as world oil costs nudged larger after U.S. President Donald Trump warned of “penalties” if Russia blocked a Ukraine peace deal, injecting issues about provide.
Within the week forward, consideration will shift to approaching earnings from BHP Group, CSL and Nationwide Australia Financial institution, in addition to the Reserve Financial institution of New Zealand’s financial coverage assembly.
Throughout the Tasman Sea, benchmark S&P/NZX 50 index closed 0.4% larger at 12,889.38.
