The Australian share market closed higher on Friday, hitting another record high as strength in technology and retail stocks outweighed profit-taking among heavyweight miners.
The benchmark S&P/ASX 200 Index rose 7.20 points to 8,603.0, setting a new record close and surpassing Wednesday’s previous high of 8,597.7, while bringing weekly gains to 1%.
Gains were broad-based, with eight of the 11 sectors finishing positive.
The Materials sector, which led Thursday’s rally with a 3% surge on stronger iron ore prices, pulled back 1% as investors locked in gains.
Major iron ore producers BHP and Rio Tinto slipped 1.4% and 1.3%, respectively, while Fortescue Metals bucked the trend, ticking 0.4% higher.
The Consumer Discretionary sector firmed amid growing expectations the Reserve Bank of Australia will cut interest rates at its meeting next week.
Wesfarmers added 0.8%, Aristocrat Leisure gained 1.4%, and Domino's Pizza continued its rebound from recent 11-year lows, adding 2.4%.
The ASX RBA Rate Tracker, as of 3 July, indicates a 97% probability of a 25 basis point cut to 3.60% at next week's Reserve Bank of Australia (RBA) board meeting and interest rate decision.
Technology companies posted moderate gains, with WiseTech Global adding 1.1% and Appen jumping 3.5%, while TechnologyOne slipped 0.6%.
The financial sector ended mixed. Commonwealth Bank slipped 0.9% on continued profit-taking, while ANZ added 0.8%, and Westpac lifted 0.5%.
In corporate news, Silk Logistics soared 23.3% after the ACCC said it would not oppose UAE-based multinational logistics company DP World Australia’s proposed A$174.5 million takeover.
Cleanaway Waste Management rose 0.7% after the Australian Competition and Consumer Commission approved its $377 million acquisition of Contract Resources, first announced in March.
Monadelphous gained 0.7% after revealing it had secured new contracts worth over $100 million across resource and infrastructure projects.
Meanwhile, G8 Education fell 3.5%, extending its losing streak since Tuesday, when reports emerged that a former employee had been charged with child-related offences.
On the bond markets, 10-year and 2-year rates were down 0.4% and 1.1% to 4.195% and 3.260%, respectively.
