Australian shares continued their upward momentum on Friday, with the energy sector leading the charge for the second consecutive session after the intensifying Russia-Ukraine conflict pushed oil prices higher.
The S&P/ASX 200 rose 70.8 points or 0.9% to fresh all-time highs of 8,393.8.
The index has gained 1.5% this week, reflecting investor optimism despite ongoing geopolitical tensions.
Of the 11 sectors, technology was the only decliner, primarily due to a 12.4% drop in WiseTech, following the company’s downgrade of revenue and earnings forecasts for FY25.
The a2 Milk Company saw significant gains, rising 13.3% after the company raised its revenue guidance and announced it would begin paying dividends. This comes on the back of stronger-than-expected sales and higher global dairy prices.
Large-cap stocks BHP, Rio Tinto, and Fortescue added 0.9%, 0.6% and 1.1%, respectively.
The big four banks also posted gains, with Commonwealth Bank hitting a new high of $158.20 per share.
Rising oil prices, driven by concerns over the Russia-Ukraine conflict, boosted energy stocks. Woodside climbed 2.2%, while Santos gained 1.8%. Whitehaven Coal surged 3.6% as the sector capitalised on the spike in crude prices.
Gold also saw a rally amid rising geopolitical tensions, with Westgold Resources adding 1.8% and Newmont Corp gaining 1.4%.
Resolute Mining rebounded 1.7% after the release of its CEO and two other employees by Mali’s junta. The company has agreed to pay US$160 million in back taxes to the government.
Megaport, a software company, was the biggest loser, down 9.5% despite reaffirming its FY25 earnings outlook of $57 million to $65 million.
Online retailer Kogan also eased 2.7% despite reporting better-than-expected earnings for FY24.
On the bond markets, 10-year and 2-year rates were slightly lower at 4.552% and 4.095%.