SYDNEY: Australian shares rose on Friday, boosted by gains in mining and energy stocks amid a slew of corporate earnings, while investors assessed local retail sales data that was flat for July.
The S&P/ASX 200 index rose 0.6% to end the session at 8091.9.
Traders evaluated a flurry of corporate earnings this week, which pushed the benchmark higher. The S&P/ASX 200 has risen 0.8% for the week, its third consecutive week of gains.
“This earnings season has shown us that, by and large, the corporate sector has still been performing well despite the restrictive monetary policy settings,” said Tim Waterer, chief market analyst at KCM Trade.
Earlier this month, the country’s top lender Commonwealth Bank of Australia’s annual profit beat market estimates sending its shares higher.
During the week, mining behemoth BHP Group also reported a better-than-expected annual profit.
Meanwhile, data showed that domestic retail sales were unchanged in July month-on-month, against an expectation of a 0.3% increase.
Source: Brecorder
