Australian Shares End Higher for Second Consecutive Session, RBA Meeting Due Soon

The Australian stock market, represented by the ASX 200, has seen two consecutive weeks of gains, with the index closing at 7,629.0 points on Friday. This positive trend was driven by strong performances from financial and real estate stocks, as investors eagerly await the Reserve Bank of Australia’s monetary policy decision on May 7.

Real estate stocks in particular saw a significant turnaround, snapping a four-week losing streak with a 1.6% gain. Property developers such as Charter Hall and Goodman Group saw their shares rise, contributing to the sector’s overall growth.

On the other hand, the financial sector also performed well, recording a second straight week of gains. However, Macquarie Group, the country’s largest investment bank, reported a 32% drop in full-year profit, causing their shares to dip by 2.2%.

In other sectors, miners and energy stocks rose slightly, while technology stocks saw a 1.2% increase following the lead of U.S. peers. Gold stocks, on the other hand, experienced a decline, with companies like St Barbara and Evolution Mining seeing their shares drop by significant margins.

Overall, the positive momentum in the ASX 200 reflects a sense of optimism among investors, as they closely monitor key economic events such as the upcoming RBA meeting and U.S. job data release. The New Zealand benchmark index, S&P/NZX 50, also saw gains for the second consecutive week, indicating a broader positive trend in the region’s markets.