Miners propelled Australian shares to an all-time high on Friday, driven by BHP Group’s record quarterly copper production and higher iron ore prices, while upbeat U.S. retail sales data for June further fuelled investor optimism.
The S&P/ASX 200 index rose 0.6% to scale a record peak of 8,693.5 points by 0020 GMT.
The benchmark is set for a weekly rise.
Investor sentiment was buoyed by data showing U.S. retail sales beat expectations in June, signalling steady economic growth and sending U.S. shares higher.
The print further boosted sentiment after a surprisingly soft local jobs data on Thursday strengthened market bets that the Reserve Bank of Australia could cut rates as early as next month.
Miners led the benchmark higher, climbing 1.3% on stronger iron ore prices.
BHP Group, the world’s largest listed miner, rose nearly 2% after reporting an annual copper production above 2 million metric tonnes for the first time, beating analysts’ expectations.
Other sector majors Rio Tinto and Fortescue gained 1% and 1.4%, respectively.
Technology stocks rose as much as 1.5% to a record high, tracking gains in Wall Street peers.
Energy stocks added 0.4% as oil prices climbed after drones struck Iraqi Kurdistan oil fields for a fourth day, pointing to continued risk in the volatile region and stoking supply fears.
Woodside Energy, Australia’s largest independent oil and gas producer, added 1.2%. The sub-index was set for a weekly rise of nearly 2%, its steepest weekly gain in about a month.
Financial stocks traded 0.4% higher and were set for a second straight week of gains, with the “Big Four” lenders rising between 0.1% and 0.6%.
New Zealand’s benchmark S&P/NZX 50 index lost 0.1% to 12,891.57 points.
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