ASX 200 rebounds : Major banks pressured Friday’s trading, but Australian shares still managed to deliver their strongest weekly gains in months.
Australian shares have broken their four-week losing streak, despite Friday’s session abruptly ending the market’s strongest daily rally since mid-May.
The benchmark ASX 200 dipped a modest 3.20 points, or 0.04 per cent, to 8614.10, while the broader All Ordinaries edged higher by 6.70 points, or 0.08 per cent, to 8918.70.
For the week, the ASX 200 gained 2.4 per cent, officially snapping its month-long run of losses. The Australian dollar remained steady, trading at 65.32 US cents.
Overall market sentiment was positive, with eight of the 11 sectors closing in the green, driven by strong performances in consumer staples, technology, and materials stocks.
ASX 200 Ends Four-Week Losing Streak Despite Bank Pressure
Woolworths shares surged 3.24 per cent to $29.32 after JPMorgan upgraded the stock from “neutral” to “overweight”.
In contrast, Coles dipped 0.22 per cent to $22.32, while Endeavour Group climbed 1.93 per cent to $3.70 and luxury winemaker Treasury Wine Estates finished 1.39 per cent higher at $5.82.
Among major tech players, WiseTech led the charge, jumping 4.73 per cent to $73.02—its strongest weekly performance since April. Life360 rose 2.64 per cent to $40.43, and Dicker Data inched up 0.75 per cent to close at $10.68.
However, the gains were partly offset by declines in the major banks during Friday’s session.
Woolworths Leads Market Gains as Tech Stocks Surge
Westpac shares slipped 0.79 per cent to $37.59 after revealing that its New Zealand division had been fined $NZ3.64 million ($3.19m) for breaching lender responsibility principles.
Even with the penalty, Westpac still outperformed the other major banks.
ANZ recorded the sharpest decline, falling 1.25 per cent to $34.64, while CBA dropped 1.12 per cent to $152.51 and NAB eased 0.99 per cent to $40.10.
AMP chief economist and head of investment strategy Shane Oliver noted that both Australian and global markets have strengthened this week on the back of softer US economic data, which could increase the likelihood of an interest rate cut in the United States.
Major Banks Slide as Westpac Faces NZ Fine
Dr Oliver said the stronger global momentum helped lift Australian shares, though gains were limited by another uptick in local inflation, fuelling speculation that the RBA’s next move could be a rate hike later next year.
In corporate updates, Corporate Travel Management withdrew its FY25 guidance and temporarily stood down” its UK chief Michael Healy in two separate announcements. The company remains suspended from trading on the ASX, last priced at $16.07, after uncovering a long-standing accounting error preventing auditors from signing off its financials.
Star Entertainment Group shares finished flat, despite an early spike after the casino operator released a cleansing prospectus allowing newly issued shares to Bally’s to begin trading freely.
Suncorp extended its sell-off, falling a further 3.57 per cent to $17.56, after revealing on Thursday that recent supercell thunderstorms had triggered more than 10,000 insurance claims.
Monash IVF also traded flat at $0.85 after the Victorian health department concluded its investigation into an embryo mix-up.
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