The ASX 200 surged 90 points, or 1.0%, to close at 8,807 on Friday, marking a near five-week high and ending a two-day losing streak. Sentiment improved on the back of stronger U.S. stock futures, which helped drive a rotation out of major technology names and into broader sectors. Domestically, softer-than-expected Australian labor data tempered expectations of a near-term rate hike by the Reserve Bank, lending additional support to equities.
Gains were widespread, with technology, healthcare, manufacturing, and commercial services leading the advance. Heavyweight BHP climbed 3.5% after the company and the supervisors’ union at Chile’s Escondida copper mine struck a last-minute agreement earlier in the week, averting a strike at the world’s largest copper operation. Gold producers also moved higher, supported by Northern Star Resources (up 3.3%) and Evolution Mining (up 3.0%). Other notable performers included South32 (3.6%), REA Group (3.1%), and CSL (2.8%). For the week, the ASX 200 gained 1%, notching its third consecutive weekly rise.
