ASX ends week at record high
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The news: The Australian sharemarket has closed the week at a record high after a strong Wall Street lead and optimism about easing inflation inspired investors.
The ASX200 on Friday finished higher by 111.2 points, or 1.47%, at 7,699.4.
This is the second time this week the ASX200 closed at a record high, with almost all industry sectors ending higher.
The numbers: Real estate and technology shares were the best performers. Real estate gained 3%, as new data showed the value of new loans for housing dropped 4.1% in December.
Technology shares climbed 3%, following strong earnings reports from Amazon and Facebook owner Meta. Utilities were the only shares to fall, losing 0.41%.
The Aussie dollar was higher and buying 65.96 US cents at 4:24pm AEDT.
The context: The sharemarket's lofty heights come at the end of a week in which fresh data showed inflation had its smallest quarterly increase (0.6%) since early 2021 in the December quarter. On Tuesday, investors will be keen to see how the Reserve Bank responds in its first rates assessment of 2024. Analysts do not expect a change to the cash rate, but will be looking for any change in the language from the central bank. RBA governor Michele Bullock will also field questions from a parliamentary committee on Friday.
Meanwhile, Australian reporting season kicks off in earnest next week, with AGL, Mirvac, REA Group and Transurban posting results on Thursday and Boral on Friday.
