Australian shares beat jitters to finish month on | Australian Markets

Australia’s share market has climbed increased for a second month in a row and is within putting distance of its all-time peak.

The S&P/ASX200 overcame an early dip to rise 24.9, or 0.30 per cent on Friday, to 8,434.7.

The broader All Ordinaries gained 22.5 factors, or 0.26 per cent, to 8,660.3.

The high 200 lifted 3.5 per cent in May to within 1.5 per cent of its best ever close and, regardless of some uneven periods, solely posted six pink days all month.

“It’s been a solid grind, but we are grinding at moment – the market’s looking a bit exhausted at this point,” Pepperstone head of analysis Chris Weston advised AAP.

“But the pullbacks seem to be well supported in this market, so it’s been a good month for Australian equity appreciation, as it has been for most developed market equity markets.”

A US appeal courtroom resolution to quickly reinstate sweeping US tariffs a day after they have been blocked by a trade courtroom weighed on indexes in Asia, however Australia’s afternoon rebound was an exception.

Hong Kong’s Hang Seng misplaced 1.5 per cent, as Japan’s Niikei fell 1.2 per cent and South Korea’s KOSPI dropped 0.8 per cent, however all three have been up for May.

“Obviously, people are looking at the tariff news flow and saying, ‘How on earth do we invest in that environment?’ Things are changing every five minutes,” Mr Weston stated.

“But domestically, the economy is okay, and the market still expecting three rate cuts this year so that’s a nice tailwind for an equity market.”

Seven of 11 native sectors made good points on Friday, with financials and supplies pushing the bourse increased and as buyers took income on IT stocks, May’s best performing sector with good points of more than 20 per cent.

Financial stocks pushed 0.7 per cent increased on Friday as CBA notched its highest month-to-month close of $175.95 after rallying virtually six per cent in May.

Gold miners helped carry the supplies sector, which rose 0.3 per cent on Friday and fewer than two per cent for the month, as weak iron ore costs continued to weigh on giant cap miners.

Gold futures slipped shortly after the ASX close at $US3,324 ($A5,180) because the US greenback pushed increased, pricing the dear steel on par with April 30.

Energy stocks below carried out the broader market, shedding 1.4 per cent on Friday as oil costs slipped on the reinstatement of US tariffs.

The sector is up more than eight per cent for the month because it continued to get well from a tariff-fuelled sell-off, but it surely’s more than a third under its highest worth this decade.

Brent crude futures are trading at $US62.99 a barrel, on par with four-year lows.

The Australian greenback is shopping for 64.23 US cents, down from 64.32 US cents on Thursday at 5pm and fewer than half a US cent increased than May 1.

Cryptocurrency Bitcoin is trading at $US105,490 ($A164,415) after hitting an all-time peak of almost $US112,000 this time final week.

AMP chief economist Shane Oliver stated whereas there have been indicators financial situations have been holding up properly, US insurance policies posed a risk to equities.

“Shares have had a good rebound ? with the ASX 200 just 1.4 per cent below its record high – and may even break to record highs in the near term,” Dr Oliver stated.

“But the macroeconomic risk flowing from Trump’s policies remains high so the ride is likely to remain volatile.”

ON THE ASX:

* The benchmark S&P/ASX200 index completed Friday 24.9 factors increased, or up 0.3 per cent to 8,434.7

* The broader All Ordinaries rose 22.5 factors, or 0.26 per cent, to 8,660.3

CURRENCY SNAPSHOT:

One Australian greenback buys:

* 64.23 US cents, from 64.32 US cents on Thursday at 5pm

* 92.38 Japanese yen, from 93.63 Japanese yen

* 56.61 Euro cents, from 57.06 Euro cents

* 47.66 British pence, from 47.80 pence

* 107.65 NZ cents, from 108.05 NZ cents