The Australian share-market closed 0.3% higher on Friday as declines in banking stocks offset strong performances in energy and mining sectors.
Bank stocks led the decline, with National Australia Bank falling 0.9%, ANZ dropping 0.7%, and Commonwealth Bank losing 0.8%. Despite these setbacks, four of the ASX’s eleven sectors posted gains.
Gold prices soared to a new record of $2,567.93 an ounce, driven by investor interest ahead of anticipated U.S. Federal Reserve rate cuts. This surge in gold prices boosted gold mining stocks, with West African Resources climbing nearly 9%, Evolution Mining up 7.6%, and Perseus Mining rising 6.8%.
Major mining companies also performed well, with BHP and Rio Tinto each gaining 2.2%, and Fortescue Metals advancing 4.8%.
Energy stocks benefited from rising oil prices due to supply disruptions caused by Hurricane Francine in the U.S. Gulf of Mexico. Santos increased by 1.4%, and Woodside Petroleum added 1.7%, despite its U.S. oil production facility remaining closed due to the storm. Brent crude prices reached $72.41 per barrel.
On the bond markets, 10-year and 2-year rates were at 3.821% and 3.505%, respectively.