ASX 200 Trims Gains, Secures Weekly and Monthly Advances
The ASX 200 rose 16 points, or 0.2%, to close at 8,908 on Friday, extending prior gains as consumer discretionary, industrials, and commercial services stocks advanced. However, the index fell from an over seven-week high as early gains faded following a sharp drop in U.S. stock futures after Alphabet posted a historic share-price decline, reviving concerns over heavy AI spending. Caution also prevailed ahead of official PMI data in top trading partner China over the weekend. Locally, traders weighed the prospect of another RBA rate hike next week, following four increases this year, as inflation could stay elevated longer than expected. Wesfarmers (3.2%), Brambles (2.3%), and Aristocrat Leisure (2.0%) led gains. Woolworths rose 1.9% on stronger food sales. Conversely, Coles plunged 7.6% due to weak supermarket sales and a likely flat first-half EBIT. The index gained 1.3% for the week, reversing prior modest losses. It rose 1.4% for October, a turnaround from September's 3.2% fall.
The ASX 200 rose 16 points, or 0.2%, to close at 8,908 on Friday, extending prior gains as consumer discretionary, industrials, and commercial services stocks advanced. However, the index fell from an over seven-week high as early gains faded following a sharp drop in U.S. stock futures after Alphabet posted a historic share-price decline, reviving concerns over heavy AI spending. Caution also prevailed ahead of official PMI data in top trading partner China over the weekend.
Locally, traders weighed the prospect of another RBA rate hike next week, following four increases this year, as inflation could stay elevated longer than expected. Wesfarmers (3.2%), Brambles (2.3%), and Aristocrat Leisure (2.0%) led gains. Woolworths rose 1.9% on stronger food sales. Conversely, Coles plunged 7.6% due to weak supermarket sales and a likely flat first-half EBIT.
The index gained 1.3% for the week, reversing prior modest losses. It rose 1.4% for October, a turnaround from September's 3.2% fall.