SYDNEY: Australian shares rose to a record on Friday, led by gold and iron ore miners due to robust underlying commodity prices, ahead of the anticipated interest rate cut by the Reserve Bank of Australia (RBA) next week, the first in over four years.
The S&P/ASX 200 index ended 0.2% higher at 8,555.80 after hitting a record high of 8,615.20 points earlier in the day.
The benchmark climbed 0.5% this week, its best weekly performance since January 10.
RBA is expected to trim interest rates by a quarter-point to 4.10% on February 18.
Iron ore prices rallied on Friday due to cyclone-led supply disruption in Australia’s export hub Port Hedland, the world’s largest. This drove domestic miners 1.2% higher for week. The sub-index was up 0.2% on the day after hitting its highest level since November 11 earlier.
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