Australian shares rose to a record high on Friday, as mining, energy and gold stocks gained on strong underlying commodity prices, while bets of an interest rate cut as early as next month also kept market sentiment upbeat.
The S&P/ASX 200 index was up 0.5% at 8,544.8, as of 2345 GMT, after rising to a record 8,544.0 level earlier in the session.
The benchmark index has gained about 1.8% so far this week, heading for its fourth straight weekly gain as a surprisingly soft inflation report on Wednesday opened the door to a near-term rate cut.
For the month, it has gained 4.9% in what would be its best gain since December 2023.
Miners rose as much as 1.6% on Friday and were set for a second straight session of gains, with BHP Group, Rio Tinto and Fortescue up between 1% and 1.7%.
Gold stocks jumped as much as 2.5% to their highest since Oct. 20, after bullion prices hit a record high overnight as investors flocked to the safe-haven asset due to US tariff threats.
Gold miners Northern Star Resources and Evolution Mining rose 2.2% and 1.6%, respectively.
Energy stocks climbed as much as 0.8% and were headed for a third consecutive session of gains, as global oil prices edged higher.
Commodity, tech lead Australian shares higher
Brent crude futures rose 0.61% to $77.05 a barrel. Sector major Woodside Energy advanced as much 0.7%, while Origin Energy was down 4.3% after the company flagged lower output from Australia Pacific LNG (APLNG) in 2025.
Financials inched 0.3% higher. Overnight, the US Dow Jones Industrial Average rose 0.38%, the S&P 500 advanced 0.53% and the Nasdaq gained 0.25%.
New Zealand’s benchmark S&P/NZX 50 index inched 0.1% higher to 12,940.71.
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