The S&P/ASX 200 index experienced a 1.1% rise on Friday, surpassing the 8,680 mark, as it extended its gains from the previous session to reach a peak not seen in four weeks. This surge also positioned the index for its third consecutive weekly increase, buoyed by positive sentiment regarding the US Federal Reserve's recent rate cut. The Fed's decision contributed to a rise in bullion prices, which in turn propelled gold mining stocks to climb by over 4%, achieving their third successive record high. Leading this sector, Northern Star and Evolution Mining saw their shares increase by 2.8% and 3.9%, respectively. The broader mining industry also experienced significant growth, advancing by as much as 2.5% and achieving a new record, fueled by unprecedented copper prices. Key players such as BHP and Fortescue both rose by over 1.5%, while Rio Tinto increased by 2.2%, setting an all-time high for the company. Additionally, the financial sector saw gains, with the "Big Four" banks advancing between 0.6% and 1.3%. Meanwhile, in the healthcare sector, companies like CSL and Telix Pharmaceuticals both enjoyed a 0.9% uptick in their stock prices.
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