By Oliver Gray
Investing.com - The S&P/ASX 200 added 29.30 points or 0.39% to 7,457.30 in Friday’s trade, gaining for the 3rd consecutive session and posting weekly gains of 1.8% as higher commodity prices lifted mining companies, while policymakers at the Reserve Bank of Australia flagged an earlier than anticipated interest-rate hike.
Among stocks, mining giants Rio Tinto Ltd (ASX:RIO), BHP Billiton Ltd (ASX:BHP) and Fortescue Metals Group Ltd (ASX:FMG) added 0.79%, 0.42% and 0.85% respectively. Energy companies were generally lower as Oil prices sank, with Woodside Petroleum Ltd (ASX:WPL) down 1.83%. Meantime, Afterpay Touch Group Ltd (ASX:APT) dipped 5.41% after its recent acquirer, Square (NYSE:SQ), said September quarter revenue from bitcoin trading was up in annual terms, but softer than the June quarter. Financial heavyweights were mostly higher, with Commonwealth Bank Of Australia (ASX:CBA) gaining 1.2% to all-time highs of 109.8 and National Australia Bank Ltd (ASX:NAB) lifting 0.56%, while Westpac Banking Corp (ASX:WBC) traded ex-dividend, down 2.76%
In policy news, The Reserve Bank of Australia noted today in its Monetary Policy Statement that an interest rate rise in 2023 is plausible, but only if inflation and wages growth exceed its current expectations. "Depending on the trajectory of the economy at that time, the board judges that this outcome could be consistent with the first increase in the cash rate being in 2024," the statement released on Friday said.
Investors will now be looking ahead to the U.S. nonfarm payrolls due later in the session for clues on the strength of the country’s post-pandemic rebound.
In New Zealand, the NZX 50 added 1% to 13075, down 0.2% for the week.