FX.co ★ ASX Rises for 2nd Day, Set for Best Week Since July

The S&P/ASX 200 index saw a 0.4% increase, reaching approximately 8,950 on Friday. This rise builds upon a 1.1% gain from the previous day, spurred by advances in technology and healthcare stocks, positioning the index for its best weekly performance since mid-July. A robust performance on Wall Street, fueled by enthusiasm for AI-related trades, overshadowed concerns regarding a potential U.S. government shutdown, propelling American indexes to new peaks. On the domestic front, recent statistics indicated that Australia's services sector expanded for the 20th consecutive month in September, albeit at its slowest rate since June. On the stock exchange, technology stocks rose by 0.7%, in alignment with their U.S. counterparts, with Xero Ltd advancing by 0.6%. The healthcare sector continued its upward trajectory, reaching a two-week high with a 0.6% increase. Major mining companies, such as Rio Tinto and Lynas Rare Earths, saw gains of 1.2% and 3%, respectively. Conversely, gold stocks fell by up to 1.3%, ending a five-day rally, but are still set to achieve their second consecutive weekly gain of 7.5% as bullion prices declined. Prominent sector player Northern Star decreased by 2.1%, while Evolution Mining experienced a loss of 1.7%.