ASX 200 gains for a second consecutive week
ASX 200 hit multiple record highs during the week
BHP, CSL, NAB to report earnings next week
RBNZ monetary policy meeting in focus
Aug 15 (Reuters) – Australian shares closed at an all-time high on Friday, capping a week that delivered multiple record peaks after a central bank rate cut and a wave of strong corporate earnings boosted investor sentiment.
The S&P/ASX 200 index closed 0.7% higher at a record peak of 8,938.60. The benchmark closed 0.8% firmer for the week.
Top gainers included energy firm Ampol, up more than 7.7% to log its highest close since February 3, and Liontown Resources, which ended 5.6% firmer.
Earlier in the week, the Reserve Bank of Australia (RBA) delivered its third rate cut of the year, signaling further easing may be needed and boosting consumer sentiment.
The RBA began its pivot in February, stepping down from a 12-year peak. With three cuts now behind it, markets are leaning into the view that a broader easing cycle is gathering momentum.
Another key catalyst was standout earnings from major companies, including Westpac, Australia’s third-largest lender, insurance firm Suncorp, and power producer Origin Energy.
“Following the ASX200’s push to record highs every day this week and given the ASX200’s sensitivity to RBA rate-cut expectations, we expect the ASX200 to extend its gains towards the next upside target at 9,000 in the weeks ahead,” said Tony Sycamore, market analyst at IG Australia.
Rate-sensitive banks led the session’s gains, climbing 1%, with the “big four” lenders up between 0.6% and 2.1%.
Miners added 1.4% to close at their highest point since September 30, 2024, with BHP Group, Rio Tinto and Fortescue advancing between 1% and 1.4%. The sub-index logged a second consecutive weekly gain.
Australian energy stocks rose 1.1%, as global oil prices nudged higher after U.S. President Donald Trump warned of “consequences” if Russia blocked a Ukraine peace deal, injecting concerns about supply.
In the week ahead, attention will shift to upcoming earnings from BHP Group, CSL and National Australia Bank, as well as the Reserve Bank of New Zealand’s monetary policy meeting.
Across the Tasman Sea, benchmark S&P/NZX 50 index closed 0.4% higher at 12,889.38.
(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Sherry Jacob-Phillips)
