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The S&P/ASX 200 edged up 0.2% to 8,875 on Friday, marking its fifth consecutive session of growth and maintaining proximity to its peak level since November 2025. This rise is chiefly attributed to the robust performance of significant financial and major mining stocks. Bank stocks climbed in value, even amidst rekindled concerns over interest rates following the Commonwealth Bank's decision to increase owner-occupier fixed mortgage rates by up to 0.7 percentage points, raising its lowest two-year fixed rate to 5.79%. Meanwhile, Macquarie Bank adjusted its fixed loan rates upwards by 0.25 percentage points across all terms. Shares of CBA, Westpac, NAB, and ANZ Group saw gains ranging from 0.5% to 2.6%. The mining sector bolstered the index as well, with BHP Group surging 2.6% and Rio Tinto advancing by 0.4%, following their agreement to collaboratively develop up to 200 million tonnes of iron ore in the Pilbara region of Western Australia. Conversely, energy stocks underperformed due to a decline in oil prices overnight, with Santos dropping 1% and Woodside Energy Group declining by 1.3%. The index is poised for a notable weekly increase.
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