Join our daily newsletter At The Bell to receive exclusive market insights
The ASX200 closed up 0.9% to 7959 points.
All sectors finished the day in the green except IT after tech sell-offs in the US overnight.
Real Estate sector closed in the lead up by 2%, reflecting investors’ confidence real estate stocks will rise in the near future when interest rate cuts lessen mortgage burdens, leading to more demand.
Investors everywhere are predicting a US Federal Reserve rate cut is imminent.
In the Green
Commonwealth Bank (ASX:CBA) continues to break records, gaining 1.3% on Friday and hitting a new all time high for the second day in a row.
Despite a majority of analysts rating the stock a sell for the last year, CBA notched a new all time high on Friday of $131.66.
Online fashion retailer Cettire (ASX:CTT) is up 0.35% as the market continued to respond to the appointment of former investment banker Jon Gidney to the board.
The company’s shares have retreated recently following reports alleging the company has tax compliance issues.
Cettire closed at $1.43.
Biotechnology company Immutep (ASX:IMM) shot up 20.3% as the market reacted favourably to reports of a strong response rate in trials of its latest cancer therapies.
Immutep closed at $35.5c
In the Red
The big Australian BHP (ASX:BHP) lost 0.37% in the wake of the overnight announcement to mothball its Nickel operations. The market post-close on Thursday announced it was suspending its WA nickel mine.
BHP contractor GR Engineering (ASX:GNG), has also been adversely affected with its shares down 4.27%.
The company supplies construction services to the West Musgrave Project in WA as a part of BHP Nickel West operations.
BHP closed at $43.40 and GNG closed at $2.02
Nimy Resources (ASX: NIM) announced it’s on track to raise $1.21 million at an issue price of 5 cents per share.
The funds will be used to enhance drilling campaigns at multi-commodity targets in Western Australia.
Despite the company’s positive outlook, the market responded unfavourably, causing the stock to drop more than 5%.
NIM closed the day at 5.6 cents.
