Australian shares closed higher on Friday with investors now expecting the US Federal Reserve to keep interest rates steady after softer US jobs data.
The S&P/ASX 200 Index rose 1.37%, or 119.80 points, to close at 8,844.30.
On Thursday, the Dow Jones Industrial Average rose 1.1%, to set another record, reaching a fourth straight week of gains. Meanwhile, the S&P 500 was flat. The US nonfarm payrolls report showed the economy added 57,000 jobs in June, below the estimates for a rise of 110,000.
Gold rose by over 1% to around $4,200 per ounce.
On the domestic front, Australia's seasonally adjusted S&P Global Services purchasing managers' index (PMI) business activity index rose to 50.5 in June from 48.7 in May, signaling a marginal increase in business activity following a contraction in the previous month, according to a report by S&P Global.
In company news, ASX (ASX:ASX) is set to pay a pecuniary penalty of AU$20.5 million for misleading disclosures in February 2022 over the progress of a technology upgrade project, Australia's Federal Court ruled. The case, brought by the Australian Securities and Investments Commission, centered on a claim by ASX that its CHESS Replacement Project was progressing well, even though the project was facing delays.
Suncorp Group (ASX:SUN) placed its main catastrophe program for the fiscal year 2027, which maintains the maximum event retention of AU$350 million for a first and second large event, covering the home, motor, and commercial property portfolios across Australia and New Zealand. The firm's total reinsurance costs in fiscal year 2027 are expected to be higher than in fiscal year 2026.
Genesis Minerals (ASX:GMD) reported gold production of 70,767 ounces for the June quarter, bringing fiscal year 2026 production to 285,400 ounces. The company said both production and all-in sustaining costs are within its fiscal year guidance range of 260,000 to 290,000 ounces at AU$2,500 to AU$2,700 per ounce.