Australian shares rose on Friday to a record-high level, led by heavyweight financials, as investors increasingly bet on monetary policy easing after slower-than-expected domestic growth data.
The S&P/ASX 200 index rose 0.7% to 7,820.8 points by 1221 GMT, set to log a third straight session of gains.
The benchmark touched a record high of 7,825.1 points earlier in the session.
The index is also headed for a second consecutive weekly gain, rising 1.2% so far.
Earlier this week, the country’s gross domestic product data restored hopes that the Reserve Bank of Australia (RBA) can possibly start cutting interest rates later this year.
The RBA is set to meet on March 19 to declare the country’s cash rate, after shocking markets by hinting at a potential rate hike during its February meeting minutes.
Financials advanced 1.3% to its highest level in 16 years and was set to gain for the fifteenth straight week.
The “Big Four” banks added between 0.6% and 1.3%. National Australia Bank and Westpac Banking Corp are on track for the ninth and seventh week of gains, respectively.
Whereas, the country’s top lender Commonwealth Bank of Australia touched a record high, while the fourth largest lender ANZ Group hit a 5-1/2-year high. Energy stocks rose 0.6%, with sector major Woodside Energy adding 0.2%.
Australian shares close higher on financials boost
Gold stocks and Northern Star Resources are positioned for their best week since Nov. 11, 2022. On the other hand, miners fell 0.1%, with BHP Group weighing on the sub-index.
The world’s largest miner lost 0.3% in ex-dividend trading. Tech stocks tracked gains on Wall Street, rising as much as 1.2% to touch an over two-year high.
The sub-index is set for the sixth straight week of gains.
New Zealand’s benchmark S&P/NZX 50 index rose 0.3% or 39.1 points to 11,843.29.
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