By Derek Rose Derek Roseaap
The local share market has been edging higher after a stronger-than-expected US jobs report reaffirmed the strength of the world’s largest economy.
At noon on Friday, the benchmark S&P/ASX200 index was up 14.2 points, or 0.17 per cent, to 8,610.0 – less than 30 points from its all-time intraday high set three weeks ago, and on track to finish the week 1.1 per cent higher than where it began.
The broader All Ordinaries was up 13.7 points, or 0.16 per cent, to 8,847.3.
The gains follow another record-setting day on Wall Street, where the S&P500 and the Nasdaq Composite hit new records after the June non-farm payrolls report showed US employment rising more than expected.
Capital.com analyst Kyle Rodda said that while the readout had all but extinguished the case for the Federal Reserve to cut interest rates in July, stocks had still reacted positively on relief that the US economy was holding up strongly despite risks from US trade policy and tariffs.
Nine of the ASX’s 11 sectors were in the green at midday, with energy and materials lower.
Tech was the biggest gainer, rising 1.3 per cent. Xero had climbed 1.9 per cent, Life360 had advanced 2.5 per cent and Wisetech Global was up 1.2 per cent.
In the financial sector, CBA was down 0.8 per cent to $178.27, on track for its sixth day of declines out of the past seven sessions since Australia’s most valuable company hit an all time-high of $192 on June 25.
The other big four were all in the green, with ANZ up 0.6 per cent, Westpac adding 0.5 per cent and NAB gaining 0.4 per cent.
In the heavyweight mining sector, BHP had declined 1.6 per cent, Rio Tinto had subtracted 1.7 per cent and South32 had dropped 2.3 per cent.
The Australian dollar was buying 65.68 US cents, from 65.69 US cents at midday on Thursday.