2 weeks Ago By Poppy Johnston
The Australian share market has been moving higher, buoyed by energy and industrial sectors, with domestic retail sales coming in softer-than-expected. The benchmark S&P/ASX 200 Index was up 24.1 points, or 0.
3 per cent, to 8,060.2 at noon AEST on Friday, while the broader All Ordinaries had gained 28.4 points, or 0.
3 per cent, to 8,292.0. US economic data released overnight came in on the stronger side, including an upwards revision to personal spending.
NAB senior FX strategist Rodrigo Catril said the focus had shifted towards the risk of the major economy slowing too much, with the firmer numbers supporting the case for a smaller cut at the next Federal Reserve meeting rather than the 50 basis points priced in. With the exception of the tech sector, which was still struggling to gain momentum after disappointing guidance from AI chip maker Nvidia, US equities finished firmer. In Australia, Friday's softer-than-expected retail sales result followed two months of gains boosted by mid-year sales activity.
At midday, eight of the ASX's 11 sectors were higher, led by the energy sector, up 1.9 per cent, and industrials, lifting 1.8 per cent.
All of the big four banks were higher, with CBA up 0.5 per cent, ANZ lifting 0.3 per cent, Westpac climbing 0.
1 per cent, and NAB gaining 0.2 per cent. In the heavyweight mining sector, BHP had dropped 0.
2 per cent, Fortescue was down 1.7 per cent while Rio Tinto had gained 0.7 per cent.
Shares in Downer had soared 19.1 per cent at midday following its full-year result, while Ramsey Health Care was down eight per cent despite nearly tripling full-year profit on the previous year. The Australian dollar was buying 67.
90 US cents, down from 68.04 US cents at Thursday's close..
