In a week filled with market ups and downs, the Australian stock market closed on a high note on Friday, buoyed by a surge in US technology stocks. The ASX 200 climbed 0.4 per cent to 7643.6, while the All Ordinaries index also saw gains, closing at 7899.2.
Tech and consumer discretionary stocks were the stars of the show, with the sectors adding 1.5 per cent. Xero led the charge, gaining 2.8 per cent to reach $119.91, while Wesfarmers rose 2.1 per cent to $64.98.
The positive momentum in Australia mirrored that of global markets, as Wall Street hit new records. The S&P 500 rose 2.1 per cent to 5087, while the Nasdaq surged three per cent to a record close at 16,041.6, fueled by Nvidia’s impressive quarterly results.
Despite the recent surge in shares, AMP chief economist Shane Oliver remains cautiously optimistic, noting that while the market is vulnerable to pullbacks, the overall trend remains upward.
In corporate news, Afterpay’s parent company Block saw its shares soar 16.5 per cent to $117.94 on the back of strong cost-cutting measures and revenue growth. Aussie Broadband also saw a significant uptick, with shares jumping 18.6 per cent to $4.53 after reporting an increase in home internet subscribers.
Woodside, on the other hand, announced the sale of a 15.1 per cent stake in its Scarborough liquefied natural gas project to Japanese buyer Jera for an estimated $2.1 billion. Despite this positive news, Woodside’s shares closed flat at $30.51.
Brambles hit a record intraday high of $15.90 after reporting an 18 per cent jump in half-year profit, but closed just 0.6 per cent higher at $15.27.
Overall, it was a sunny day for Aussie stocks, with tech and consumer discretionary sectors leading the charge. As the market heads into the weekend, investors remain cautiously optimistic about the future.
(Source: News AU | Investing.com)
