The S&P/ASX 200 index closed 0.7% higher on a record peak of 8,938.60. The benchmark closed 0.8% firmer for the week.
Top Gainers include energy company Ampol, more than 7.7% to log its highest close since 3 February, and Liontown Resources, which ended 5.6% firmer.
Earlier in the week, the Reserve Bank of Australia (RBA) delivered its third rate reduction of the year, which may be necessary a further relaxation and stimulating consumer sentiment.
The RBA started his pivot in February and got off a peak of 12 years. With three cuts behind it, the markets lean in the position that a wider relaxation cycle collects the momentum.
Another important catalyst was striking income from large companies, including Westpac, the third largest lender, insurance company Suncorp and Power Producer Origin Energy. “After the push of the ASX200 to register highlights every day this week and given the sensitivity of the ASX200 to RBA speed expectations, we expect that the ASX200 will extend its profits to the next upward target at 9,000 in the coming weeks,” said Tony Sycamore, market analyst at IG Australia. Interest-sensitive banks led the profit of the session and climbed by 1%, with the “Big Four” money shooters between 0.6%and 2.1%. Miners added 1.4% to close at their highest point since 30 September 2024, with BHP group, Rio Tinto and Fortescue between 1% and 1.4% progressed. The sub-index registered a second consecutive weekly profit.
Australian energy stocks rose 1.1%because the global oil prices rose higher after the US President Donald Trump warned of “consequences” when Russia blocked a peace deal in Ukraine and injected worries about the offer.
In the coming week, attention will shift to the upcoming income from BHP Group, CSL and National Australia Bank, as well as the reserve Bank of New Zealand’s monetary policy meeting.
About the Tasman Sea closed Benchmark S&P/NZX 50 Index 0.4% higher at 12,889.38.
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