Australia markets closed

    +28.50 (+0.36%)
  • ASX 200

    +27.40 (+0.35%)

    -0.0011 (-0.16%)
  • OIL

    +0.58 (+0.73%)
  • GOLD

    +33.20 (+1.42%)
  • Bitcoin AUD

    +2,530.61 (+2.73%)
  • CMC Crypto 200

    -50.16 (-3.69%)

    -0.0008 (-0.14%)

    +0.0012 (+0.11%)
  • NZX 50

    +8.59 (+0.07%)

    +28.46 (+0.16%)
  • FTSE

    +42.25 (+0.50%)
  • Dow Jones

    +331.36 (+0.85%)
  • DAX

    +103.22 (+0.55%)
  • Hang Seng

    +428.96 (+2.31%)
  • NIKKEI 225

    +155.13 (+0.41%)

Third strong week running for ASX

ASX Market Wrap
The ASX finished strong on Friday. Picture: NCA NewsWire/ Gaye Gerard

The Aussie share market has finished strongly on Friday for the third week in a row, as international markets continue to give it a boost.

The ASX200 added 0.35 per cent, or 27.4 points, to 7749 at the closing bell, with the main index gained 1.6 per cent for third consecutive week.

Seven of 11 industry sectors finishing in the green, with energy finishing strong on 1.9 per cent.

Beach Energy and Boss Energy both rose 4 per cent.

Financials also posted strong gains with 0.7 per cent at the close.

ASX Market Wrap
The ASX finished strongly on Friday. Picture: NCA NewsWire/ Gaye Gerard

Woodside jumped 2.1 per cent, ANZ jumped 1.4 per cent, Telstra gained 0.7 per cent and CSL rose 1 per cent.


CommSec said the best performing stocks of the week included Liontown Resources which rose 14.3 per cent.

Lifestyle Communities also added 11.5 per cent while AUB Group gained 10.7 per cent.

Shares in QBE Insurance were broadly flat in response to issuing trading update.

However, on the other end of the ASX, JB HI-FI slipped 6.7 per cent and Smartgroup dropped 6.9 per cent.

Metals recycler Sims Limited, also lost 7.5 per cent after it issued a profit warning this week.

Shares in Life 360 also dipped 2.5 per cent at the close on Friday, while Light and Wonder lost 6 per cent in response to quarterly earnings.

Meanwhile, the broader All Ordinaries also rose 0.4 per cent, closing at 8027.3.

CommBank chief economist Craig James said the strong finish to the week was a direct response to international market growth.

The local share market got a healthy boost from the US and European share indices today,” Mr James said.

“In fact the 30 stock US Dow Jones index rose for the seventh straight day on Thursday lift 0.9 per cent and the UK market hit another record high.”

Looking ahead as the country grapples with the Reserve Bank of Australia’s decision on Tuesday to hold interest rates at a 12-year high of 4.35 per cent, AMP chief economist Shane Oliver said the real truth about the coming months will all depend on how the federal budget plays out next week.

AMP chief economist Shane Oliver says the federal budget on Tuesday will reveal a lot about how the RBA will act in the coming months. Picture: supplied
AMP chief economist Shane Oliver says the federal budget on Tuesday will reveal a lot about how the RBA will act in the coming months. Picture: supplied

“The bad news is that the RBA still considers the jobs market as too tight, inflation is falling more slowly than expected, it revised up its inflation forecasts for this year and it actually considered hiking again,” Mr Oliver said.

“In the event, the RBA decided to leave rates on hold on the grounds that rates are restrictive enough, higher rates have impacted households more than in other countries because of a high share of variable rate mortgages and it still sees inflation falling back to the high end of the target range by end next year and to the midpoint by mid-2026.”

Mr Oliver said Tuesday’s budget will give an idea on how the RBA will move on rates in the future.

“The 2024-25 Australian budget looks like it’s going to be mainly about whether it makes the RBA’s job in fighting inflation easier or harder in the near term and getting ‘Future Made in Australia’ protectionism underway over the medium term,” he said.

“Key things to watch apart from inflation are whether the budget adds extra net stimulus to the economy for the next year, the impact of the 1 July tax cuts on consumer spending and the size of the rise in minimum and award wages in the upcoming Fair Work Commission decision.

“We continue to see the RBA leaving rates on hold ahead of rate cuts starting late this year.”

Shares in Gold rose 3.9 per cent in response to a higher gold price.

The Aussie dollar is trading near US66.13c.