Australian shares rise as investors rotate from US tech

Summarised from 2 outlets · Updated 9 Oct, 03:19 · Archive

Australia's share market rose 0.39 per cent on Friday, supported by banking and retail stocks despite a US technology selloff.

Australia's benchmark S&P/ASX200 index rose 33.2 points to 8694.1 by midday Friday, up 0.39 per cent. The All Ordinaries gained 30.8 points or 0.35 per cent to 8854. The top 200 is on track for a second week of modest gains, though it remains down almost 6.4 per cent from early August's record high of 9296.7.

The local market shrugged off an overnight slump on Wall Street triggered by an OpenAI revenue miss that dragged chip stocks lower. However, capital did not flee equities entirely. According to Moomoo chief market strategist Tapas Strickland, 'funds rotated into cyclical and defensive corners, nudging the Dow Jones higher and creating an orderly setting for local resource and financial names'.

Local banks led the rebound, with financials up 0.6 per cent. Commonwealth Bank was the best of the big four, rising 0.8 per cent to $149.28, while insurers AMP and Challenger also outperformed. Australian information technology stocks continued to rebound alongside consumer cyclicals and real estate trusts.

Mining stocks underperformed. Raw materials fell 0.4 per cent as Fortescue extended losses following Thursday's disappointing trading update. BHP fell 0.5 per cent to $60.89 despite a rebound in copper prices. Gold miners were mixed as the precious metal firmed to US$4148 an ounce.

How it is being reported

• Australian shares inch higher after US tech retreatThe local stock market is on track for a second straight week of modest gains, as investors continue to weigh a barrage of local and global risk factors.Perth Now · 9 Oct, 02:48
• Australian shares inch higher after US tech retreatThe local stock market is on track for a second straight week of modest gains, as investors continue to weigh a barrage of local and global risk factors.The West Australian · 9 Oct, 02:47

In this story: Australia · Commonwealth Bank · AMP · Challenger · Fortescue · BHP · OpenAI

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