ASX gains 0.49 per cent at Friday’s close, after consumer discretionary and mining sectors given boost

The Australian share market has hit a two-week high after its best week of 2024.

The S&P/ASX200 ended the week on a high, gaining 0.49 percent or 38.2 points to 7860 ahead of the long King’s Birthday weekend.

While the broader All Ordinaries rose 0.48 percent to 8112.8 points.

At the local level, 10 of the 11 industrial sectors closed in positive territory, with the consumer discretionary sector recording an increase of 1.2 percent and mining also experiencing the second largest increase at 0.8 percent.

Iron ore also rose by 0.4 percent.

Only the technology sector closed in the red, down 0.1 percent.

Nuix fell 6.02 percent and PointsBet lost 2.80 percent.

The best performing stocks were IDP Education Ltd and Boss Energy Ltd, up 6.1 percent and 4.04 percent respectively.

Wesfarmers also rose by 1.3 percent.

In the last five days, the index has increased by 2.06 percent.

“It was a good (week) for the stock market, which was boosted by strong performance from overseas indices,” said Ed Boyd, Sky News business reporter.

“The banking sector was the frontrunner, with the CBA reaching a record high.”

CBA rose 0.6 percent to $125.55 per share at close of trading.

Meanwhile, GrainCorp was among the best-performing stocks of the week, rising 11.4 percent after the government forecast a record winter harvest for the coming months.

The biggest decline was in Liontown, where the value fell by 10.8 percent.

On Friday, RBA Deputy Governor Andrew Hauser said that while other central banks had moved to cut interest rates before, Australia, like other economies, was facing similar difficulties in containing inflationary pressures.

“We all face the same fundamental challenge, which is that inflation is moving downwards, particularly inflation in services prices,” Hauser said in his first public remarks since his appointment in November.

The Australian dollar closed higher, trading at $66.72 against the greenback at 4:30 p.m.

Overnight, the S&P500 on Wall Street remained unchanged at 5,352 points, while the technology-dominated Nasdaq fell 0.1 percent.

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