AU Evening Wrap: Australia Shares Rise 0.9%, Closing at Record Level
Market Performance
The $S&P/ASX 200(.XJO.AU$ soared, climbing 0.9% to reach a historic closing high of 7959.3. This milestone marked the first record finish since March, signaling a robust week for the Australian stock market. The index celebrated a substantial weekly upturn of 1.75%, buoyed by burgeoning optimism over potential interest rate reductions by central banks.
Leading the ascent, shares from 11 out of the 12 behemoths in terms of market capitalization recorded gains, propelling the benchmark index's stellar performance. Sector-wise, a broad-based rally was evident with 10 of the ASX 200's 11 sectors experiencing growth. The technology sector stood out as the sole underperformer amidst the general uptrend.
A notable uplift of 0.95% was witnessed in the influential financial segment. Prominent banking institutions, including $ANZ Group Holdings Ltd(ANZ.AU$, $Westpac Banking Corp(WBC.AU$, $National Australia Bank Ltd(NAB.AU$, and $CommBank(CBA.AU$, enjoyed increases ranging from 0.9% to 2.1%, contributing to the sector's overall progression.
Conversely, mining giant $BHP Group Ltd(BHP.AU$ was the only top-tier stock to conclude the day in negative territory. The company's shares dipped by 0.4% in the wake of its late Thursday disclosure ("announcement") regarding the suspension of its nickel operations in Australia.
Source: Dow Jones Newswires, AFR, ASX
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