ASX extends winning streak, finishing 0.5% higher
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The news: The Australian sharemarket lifted for the fifth straight session, as attention turns to US GDP and a European interest rates decision overnight. The ASX 200 finished 0.48% higher at 7,555.40, up 2.84% compared to a week ago, while the All Ordinaries gained 2.77% for the week.
The numbers: Materials stocks led the gains, rising 1.4% as iron ore prices helped lift BHP, Fortescue and Rio Tinto by 1.6%, 1.9% and 2.7% respectively. Energy (+0.9%) and healthcare stocks (+0.8%) and) also performed well, with respiratory health company Resmed surging 6.5% on strong revenue growth.
The Australian dollar is trading at 65.8 US cents after giving up the gains from a short-lived rally overnight.
Oil prices have risen after US stockpiles fell by more than expected last week and China's demand outlook improved after its central bank flagged plans to cut reserve ratio requirements. Brent crude futures are trading just below the December open at USD78.88 a barrel.
The context: With Australian markets closed tomorrow, focus shifts to US advance GDP figures overnight and the European Central Bank's first rate decision of 2024. The ECB has pushed back against suggestions for rate cuts any time soon, despite sluggish economic growth in the bloc.
