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Highlights
- ASX extends winning streak to 8 sessions
- Appen (APX) jumps 24% on upbeat guidance
- Miners and gold stocks lead market strength
Australian equities sustained their upward momentum on Friday, with the S&P/ASX 200 climbing 0.7% to 8353.8 points by midday—its highest level in three months. This marks the eighth consecutive session of gains, making it the index’s longest winning streak since August. The broader All Ordinaries also added 0.7% as optimism around rate cuts and softer global data buoyed investor sentiment.
The rally followed a similar tone set by Wall Street, where weaker-than-expected US retail sales and the largest decline in producer prices in five years led to heightened expectations that the Federal Reserve could begin easing interest rates. US Treasury yields dropped, while gold prices rose in response.
Back home, despite a stronger-than-expected local employment report, bond markets remained confident that the Reserve Bank of Australia could lower the official cash rate as early as Tuesday. This supported gains in rate-sensitive sectors, particularly real estate and financials.
Notable movement was seen among miners and gold-related stocks. Evolution Mining (ASX:EVN) rose 5%, while Regis Resources (ASX:RRL) and Perseus Mining (ASX:PRU) each added over 4%, supported by higher gold prices. Property heavyweight Goodman Group (ASX:GMG) advanced 1.7%, and Vicinity Centres (ASX:VCX) gained 2%.
Banking stocks were mixed. Commonwealth Bank of Australia (ASX:CBA) edged up 0.3% after hitting a new record high, while National Australia Bank (ASX:NAB) rose 1.1%.
Healthcare was also a strong contributor, led by CSL (ASX:CSL), which added 2.5%, helping lift the broader health sector.
Among individual stocks making headlines, Appen (ASX:APX) surged 24% after the AI services provider set a full-year revenue target of $235 million to $260 million and forecasted positive underlying earnings, signaling a potential turnaround.
NRW Holdings (ASX:NWH) rose 3.8% despite recognizing a $113 million impairment related to the Whyalla steelworks and port. The company rebounded after suffering steep losses in the previous session.
GPT Group (ASX:GPT) added 2.7% following its announcement of a $460 million investment in a logistics-focused joint venture with QuadReal. Meanwhile, Dexus (ASX:DXS) slid 3.3% amid legal concerns over its disclosure practices tied to its stake in airport group APAC.
Insurance Australia Group (ASX:IAG) slipped 1.9% after receiving a downgrade to neutral from a major analyst.
This market strength highlights renewed focus on sectors sensitive to rates and commodities, while earnings updates continue to influence stock-specific movements. Investors also appear increasingly tuned into potential interest rate adjustments, with implications for both growth and income-focused portfolios such as those targeting ASX dividend stocks.
