Australia’s S&P/ASX 200 rose 35 points, or 0.4%, to close at 8,657 on Friday, logging a second consecutive session of gains. Sentiment was buoyed by stronger U.S. stock futures after the Dow Jones closed at a record high on Thursday, while hopes for an easing of tensions in the Middle East further supported risk appetite.
For the week, the local benchmark added 0.3%, clawing back some of the sharp losses from the previous period. An unexpected drop in April employment strengthened expectations that the Reserve Bank of Australia may pause its tightening campaign after three rate hikes so far this year.
Most sectors finished in positive territory, with industrials, mining, and logistics leading the advance. However, overall gains were tempered by renewed inflation worries ahead of next week’s April CPI print. Annual inflation quickened to 4.6% in March, the fastest pace since September 2023, partly reflecting higher fuel costs.
Among the standout performers were South32 Ltd. (up 5.1%), Evolution Mining (up 3.1%), and PLS Group (up 2.9%). The country’s four major banks also advanced, posting gains of between 0.5% and 0.9%.
