Australian Shares Edge Higher on Wall Street Record; RBA Rate Cut in Focus
Australian stocks rose modestly on Friday (July 5), buoyed by fresh record highs on Wall Street. The S&P/ASX 200 gained 0.17% to 8,610 in midday trade—less than 30 points from its all-time peak—while the All Ordinaries Index added 0.16% to 8,847.3. Despite stronger-than-expected U.S. jobs data dampening hopes for a July Fed rate cut, markets reacted positively to signs of economic resilience.
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Sectors showed sharp divergence:
- Tech led gains (+1.3%): Xero rose 1.9%, Life360 climbed 2.5%, and Appen surged 9%.
- Financials were mixed: Commonwealth Bank (CBA) dropped 0.8% to A$178.27 (its sixth decline in seven days), while ANZ, Westpac, and NAB gained 0.4%-0.6%.
- Mining saw profit-taking: BHP fell 1.6%, Rio Tinto dropped 1.7%, and South32 plunged 2.3%.
- Consumer stocks strengthened: Rate-cut expectations lifted non-essentials, with Wesfarmers up 1.1%, Aristocrat rising 2.1%, and Premier Investments jumping 2.3%.
Energy stocks also came under pressure, though 9 out of 11 sectors closed higher.
All eyes are on next week’s RBA meeting, with futures pricing in a 97% chance of a 25-basis-point cut to 3.60%
