The Australian sharemarket finished firmly higher on Friday, supported by strong gains across the mining sector and renewed optimism from Wall Street as United States indices hit fresh record highs following the Federal Reserve’s latest interest rate cut.
The rally helped the local bourse secure its third consecutive weekly advance - its longest winning streak since August.
The S&P/ASX 200 rose 105.3 points, or 1.2%, to 8,697.3, with eight of 11 sectors closing in positive territory. For the week, the benchmark added 0.7%.
Materials led Friday’s gains after a sharp jump in precious metals. Gold lifted 1.2% to 7-week highs overnight, boosting major ASX-listed producers.
Newmont climbed 5.7%, Northern Star advanced 2.9%, and Evolution Mining gained 4.2%.
Broader mining names also strengthened, with BHP and Fortescue up 1.1% apiece, while Rio Tinto gained 2.5%.
Silver prices also continued their rapid ascent, rising 2.9% to US$63.41 per ounce.
Local silver producers followed suit, with Unico Silver surging 13.5%, Silver Mines up 5.1% and Sun Silver lifting 2.7%.
The major banks added momentum to the index. National Australia Bank gained 1.8%, Westpac lifted 1.4%, Commonwealth Bank rose 2.1%, and ANZ added 1.2%, as former chief executive Shayne Elliott launched legal action against the lender.
Health care stocks also contributed positively heading into the weekend, with CSL adding 2.9%, Sonic Healthcare gaining 0.9% and Pro Medicus finishing 0.6% higher.
Among individual moves, Austal fell 3% after Treasurer Jim Chalmers approved Hanwha’s proposal to lift its stake in the defence shipbuilder from 9.9% to 19.9%.
4DMedical rallied 8.8% after securing A$30.2 million in funding through an underwriting agreement with Bell Potter Securities, guaranteeing the exercise of all its listed options.
EBR Systems rose 0.6% following the first patient enrolment and implant in its Totally Leadless CRT study, marking progress in its wireless cardiac pacing technology.
On the bond markets, 10-year yields added 0.2% to 4.163%, and 2-year yields slipped 0.2% to 4.029%.
