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Highlights
- ASX200 extends gains for eighth consecutive day
- Rate-sensitive real estate stocks rally strongly
- Corporate news drives mixed stock movements
The Australian sharemarket is approaching a three-month high, with the S&P/ASX 200 Index (ASX:XJO) up 0.5% near mid-afternoon, poised to finish the week with solid gains. The benchmark index climbed 43.9 points to 8341.4 and is on track to notch its eighth straight day of gains, rising 1.4% over the week and narrowing the gap to just 2.8% below its February 14 peak.
Investor sentiment received a boost from economic data both domestically and in the United States, reinforcing expectations that central banks are likely to reduce interest rates soon, which generally supports equity markets. The S&P 500 Index in the US also rallied after reports showed the slowest rise in producer prices in five years and weaker retail sales, fueling speculation that the Federal Reserve could ease monetary policy to stimulate growth. This environment saw US 10-year Treasury yields drop by 10 basis points.
In Australia, bond markets remained confident about an upcoming Reserve Bank of Australia rate cut, despite a surprise jump in employment figures. Money markets now fully price in a 0.25% policy rate reduction expected next Tuesday, lending support to rate-sensitive sectors. Real estate stocks led the advance, with Goodman Group (ASX:GMG) gaining 2.4% and Vicinity Centres (ASX:VCX) rising 2.8%.
Financial stocks showed mixed movement. Commonwealth Bank (ASX:CBA), after earlier touching a record high of $172.71 per share, slipped slightly by 0.2%, while National Australia Bank (ASX:NAB) increased 0.9%, and Westpac (ASX:WBC) edged higher.
The gold sector also attracted attention as shares advanced despite a retreat in spot gold prices from Thursday’s gains. Evolution Mining (ASX:EVN) jumped 4.5%, and Genesis Minerals (ASX:GMD) rose 5.2%.
Among other movers, Dexus (ASX:DXS) fell 1.4% following allegations from Australia Pacific Airports Corporation about breaches of confidentiality that could impact Dexus’s stake in Melbourne Airport. Appen (ASX:APX) surged 23.2% after revealing its full-year revenue target of $235 million to $260 million alongside an aim for positive underlying earnings. NRW Holdings (ASX:NWH) recovered 2.8% after a steep prior loss, even though it plans to record a $113 million impairment due to changes related to the Whyalla steelworks and port. Insurance Australia Group (ASX:IAG) slipped 2.4%.
Investors focusing on ASX dividend stocks and strong performers within the ASX200 stock universe can find opportunities aligned with sectors benefiting from interest rate outlooks and domestic economic data.
The ASX200’s steady climb reflects optimism around policy easing and sector-specific developments as the market navigates economic signals at home and abroad.
