Australian shares inched higher on Friday, driven by gains in commodity-related stocks and financials, as investors looked forward to a key inflation report due next week that could influence the interest rate trajectory.
The S&P/ASX 200 index had climbed 0.3% to 8,221.5 by 2325 GMT.
The benchmark has declined 0.5% so far this week in what could be its fourth weekly fall in five.
Market participants were awaiting figures on consumer prices for November to gauge the Reserve Bank of Australia’s next move.
Brokerage JP Morgan expects a quarter-point rate cut next month following the central bank’s dovish tilt and December meeting minutes.
Miners rose as much as 0.5% to hit their highest level since Dec. 19 and were on track for a second consecutive session of gain.
Among top gainers in the sub-index, uranium miners Paladin Energy and Boss Energy jumped more than 8% each.
Canadian uranium miner Cameco said overnight that production at its Inkai joint venture in Kazakhstan was suspended due to a delay in paperwork submission. Cameco holds a 40% stake in the joint venture, while Kazakhstan-based Kazatomprom owns 60%.
Australian shares kick off 2025 on positive note as commodity stocks gain
“Delays at Inkai could impact both CCO and KZAP’s production outlook, contributing to market tightness and potentially leading to higher uranium prices,” said George Ross, senior analyst, metals and mining research at Argonaut.
“This is positive for uranium producers like BOE and PDN, who have production ramping up at their respective operations.”
Energy stocks rose 1.4% to hit their highest level since Nov. 25, after oil prices settled higher on Thursday.
The sub-index was on track for a second straight weekly gain.
Gold stocks jumped as much as 2.7% to touch their highest level since Dec. 19, helped by a rise in bullion prices.
New Zealand’s benchmark S&P/NZX 50 index rose 0.1% to 13,118.98 as trading resumed after a two-day break.
Comments
Comments are closed for this article.