Australian shares, led by gold miners, surged after weaker-than-expected US jobs data prompted investors to scale back bets on further Federal Reserve interest rate increases.
The S&P/ASX 200 Index rose 1.4 per cent, or 119.80 points, to 8844.3, with 10 of the 11 sectors advancing. The benchmark rose 0.9 per cent for the week.
The American jobs data showed hiring slowed sharply in June and reinforced expectations that the Fed would keep rates on hold at its next meeting. Interest rate swaps implied an 18 per cent chance of a July rate rise, down from around 33 per cent earlier in the week.
Gold climbed 1.3 per cent to almost $US4200 an ounce to recover some of its recent losses, lifting ASX-listed producers on Friday. Newmont rallied 5 per cent to $142.17, Northern Star 11.8 per cent to $22.16 and Catalyst Metals 19.2 per cent to $6.09.
Healthcare also rallied, with CSL rising 3.5 per cent to $121.81 – its best since mid-May – while Cochlear firmed 3.8 per cent to $124.96 and ResMed jumped by 4 per cent to $30.50.
Banks were mixed, with Commonwealth Bank up 2.4 per cent to $165.02, after it axed 170 jobs in its technology division. ANZ rose 1.4 per cent to $35.26, Westpac 0.7 per cent to $35.69, and National Australia Bank 0.4 per cent to $38.57.
Utilities were the weakest sector for the second consecutive day, with Origin down 1.2 per cent to $10.36 and Meridian Energy 0.6 per cent to $4.71.
Stocks in focus
In company news, ASX Limited dropped 1.4 per cent to $51.52. The Federal Court had ordered it to pay around $23 million in penalties and costs after the exchange operator admitted to making misleading statements about a bungled technology upgrade.
Suncorp fell 3.7 per cent to $18.63 after the insurance giant warned of lower growth in gross written premiums as it secured a five-year reinsurance program and locked in cover for catastrophes and natural hazards.
Pexa tumbled 21.3 per cent to a record low of $8.54 after the NSW pricing regulator recommended a 20 per cent cut to its allowable revenue, prompting the company to push for any fee reductions to be phased in over four years.
Fortescue slid 3.2 per cent to $18.36 after Bloomberg reported China’s state-backed buyer of iron ore signalled that it planned to restrict some of the miner’s inventories.
And Genesis Minerals popped 16.7 per cent to $6.29 after producing 70,767 ounces of gold in the June quarter, taking total 2025-26 output to 285,400 ounces.
This concludes our coverage for today. We’ll be back again Monday morning to bring you more live markets news and expert analysis.
Source: https://www.afr.com/markets/equity-markets/asx-to-edge-higher-dow-rises-s-and-p-500-sinks-on-semi-selling-20260703-p60c7j