Another day, another record. It's getting to be old hat, but traders aren't complaining.
The benchmark index for the Australian Securities Exchange finished Friday at its highest level for the fifth-straight day and hit an all-time intraday high for four days in a row.
In its seventh-straight day of gains, the S&P/ASX200 index rose 17.6 points, or 0.21 per cent, to 8,209.5, to enjoy a 1.35 per cent gain for the week.
The broader All Ordinaries on Friday climbed 20.2 points, or 0.24 per cent, to 8,437.2, also a record close.
The gains came after an even better overnight rally on Wall Street, where the S&P500 rose 1.7 per cent and the Dow Jones climbed 1.3 per cent to both hit their highest levels, and the Nasdaq rose 2.5 per cent in its fourth-best session.
Moomoo market strategist Jessica Amir said investors were on a buying frenzy thanks to the Federal Reserve's jumbo-sized rate cut this week, and the heavier-than-normal trading volume suggested there was power behind the move.
Eight of the ASX's 11 sectors finished higher, with consumer staples, health care and property lower.
The consumer discretionary sector was the biggest gainer, rising 1.1 per cent as Wesfarmers climbed 1.5 per cent, JB Hi-Fi added 1.4 per cent and Tabcorp rebounded 5.8 per cent.
Myer rebounded from steeper losses to finish 0.6 per cent lower at 87c after the department store chain reported its full-year profit was down 26 per cent to $52.6 million.
“Today’s result reflects the challenging macroeconomic environment for Australian retailers," executive chairwoman Olivia Wirth said, while crediting the Myer team for helping stabilise the business and establishing a foundation for future growth.
The tech sector rose 0.6 per cent as Technology One added 1.9 per cent to an all-time high of $23.94 and Life360 grew 5.2 per cent to $18.09.
In the heavyweight mining sector, goldminers were mixed even as the precious metal hit an all-time high of $US2,607 - up from $US2,064 at the start of the year.
Northern Star rose 1.3 per cent and West Africa Resources climbed 3.4 per cent, but Evolution was flat and Newmont dipped 0.5 per cent.
Elsewhere in the sector, BHP added 0.4 per cent to $40.34, while Rio Tinto dropped 0.5 per cent to $113.02 and Fortescue edged 0.1 per cent lower at $17.63.
The big four banks all finished higher, with ANZ up 1.2 per cent to $31.89, Westpac advancing 0.6 per cent to $33.57, NAB expanding 0.4 per cent to $39.67 and CBA finishing 0.3 per cent higher at $144.50.
Insurance companies IAG and Suncorp had dropped 0.5 and 1.3 per cent, respectively, while Computershare had dropped 2.8 per cent. Lower interest rates tend to hurt the bottom lines of all three companies, which need to have billions stashed in short-term investments on behalf of clients and policyholders.
The Australian dollar was buying 68.20 US cents, up from 68.19 US cents at Thursday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Friday up 17.6 points, or 0.21 per cent, at 8,209.5
* The All Ordinaries gained 20.2 points, or 0.24 per cent, at 8,437.2
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 68.20 US cents, up from 68.19 US cents at Thursday's ASX close
* 97.52 Japanese yen, from 97.15 Japanese yen
* 61.00 euro cents, from 61.12 euro cents
* 51.15 British pence, from 51.47 pence
* 109.11 NZ cents, from 109.03 NZ cents
