ASX gains 0.49 per cent at Friday’s close, after consumer discretionary and mining sectors given boost

The Australian stock market has hit a two-week high after recording its best week of 2024.

The S&P/ASX200 index ended the week higher, gaining 0.49%, or 38.2 points, to 7860 at the close ahead of the King’s Birthday long weekend.

While the broader All Ordinaries gained 0.48% to 8112.8 points.

On the local benchmark, 10 of 11 industry sectors ended in the green, with consumer discretionary goods recording a 1.2% increase and mining also recording the second largest increase at 0.8%.

Iron ore also gained 0.4%.

Only the technology sector closed in the red, down 0.1%.

Nuix fell 6.02% and PointsBet fell 2.80%.

The best performing stocks were IDP Education Ltd and Boss Energy Ltd, up 6.1% and 4.04% respectively.

Wesfarmers also gained 1.3%.

Over the last five days the index has gained 2.06%.

“It’s been a positive week for the stock market, supported by strong performances from overseas indices,” said Sky News Business reporter Ed Boyd.

“Banking was the best performer, with CBA at a record high.”

CBA rose 0.6% to $125.55 per share at the close.

Meanwhile, GrainCorp was one of the biggest improvers during the week, gaining 11.4% after government forecasts predicted a bumper winter harvest in the months ahead.

Liontown saw the biggest decline, losing 10.8%.

On Friday, RBA deputy governor Andrew Hauser said that while other central banks have moved to cut rates before, Australia, like other economies, faced similar difficulties in taming inflationary pressures.

“We all have the same fundamental challenge, which is that inflation has remained persistent on the way down, particularly service price inflation,” Hauser said in his first public statements since his appointment in November.

The Australian dollar closed higher, buying 66.72 cents against the greenback at 4.30pm.

Overnight on Wall Street, the S&P500 index remained flat at 5,352 points, while the Nasdaq, dominated by the technology sector, fell 0.1%.

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