The Australian share market notched a small gain on Friday to close out a positive week for equities. The benchmark ASX200 rose 26.6 points, or 0.
34 per cent, to close at 7796, while the broader All Ordinaries lifted 28.4 points, or 0.35 per cent, to end at 8040.
5. Tech stocks lifted 0.7 per cent to hit 3092.
4. Eight of 11 industry sectors ended in the green, led by Utilities with a 1.92 per cent advance.
Journalism for the curious Australian across politics, business, culture and opinion. The Aussie dollar gained 0.1 per cent against the Greenback to buy US66.
6c at the closing bell. Across the week, the ASX bucked some hawkish rhetoric from the Reserve Bank of Australia to lift about 0.8 per cent, propelled by positive sessions on Wall St and growing confidence around forthcoming rate cuts.
AMP chief economist and head of investment strategy Shane Oliver said Australia’s stalling growth, cooling labour market and lower national wage case decision were all consistent with a downward trend in inflation. “We still see a rate cut late this year,” he said on Friday afternoon. “Our view remains that inflation will resume its downswing, as has occurred in various other countries after pauses including the US and that as a result rates have peaked ahead of a start to rate cuts late this year, or if not then early next year.
“The swing back towards more rate cuts this year in the US and UK are also positive signs for what may happen in Australia. “However, the risk of ano.