ASX Today Live News & Analysis

The Australian share market has finished at a record high for the third time this week, with every sector gaining ground in the bourse's biggest rally in three months.

The benchmark S&P/ASX200 index on Friday gained 118.2 points, or 1.37 per cent, to 8,757.2, while the broader All Ordinaries rose 116 points, or 1.3 per cent, to 9,006.

The gains were the ASX200's biggest since a 4.5 per cent rally on April 10 and the first time it has crossed 8,700.

For the week the index rose 3.39 per cent, its best weekly performance since a 3.44 per cent gain in mid-December.

Jason Todd, CEO of Australian equities fund Ten Cap, expects equities to continue rising through the second half of 2025.

"From an equity perspective, whether it is international or domestically, we think the market will be meaningfully higher by year end," he said on Friday.

"If you're not long, you need to get long, and we think you just stay long until (and if) we see these risks amplify."

On Thursday, Australian shares rose 0.9 per cent after an unexpected rise in unemployment increased the odds of a rate cut in August.

AMP chief economist Shane Oliver said the money market now saw a 98 per cent change the Reserve Bank would cut rates.

"With unemployment breaking to its highest since the pandemic and June jobs data showing broad-based weakness, it's now hard to describe the labour market as tight," he said.

"It also supports the view that the RBA should have cut this month."

Every ASX sector finished in the green on Friday, led by health care, which climbed 2.5 per cent as CSL added 3.6 per cent.

Mesoblast rallied 34.6 per cent to $2.41 after the Melbourne biotech company announced it had made $US13.2 million in sales, following the launch of its stem-cell treatment for a complication of bone marrow transplants in children in March.

BHP led the way for miners, climbing 3.0 per cent to $40.29 after the Big Australian announced 2025 record hauls were on the cards for iron ore and copper.

Rio Tinto rose 1.8 per cent to $113.11, while Fortescue lifted 0.5 per cent to $17.

Graphite miner Syrah soared 25.9 per cent to a two-month high of 36.5 cents after the US imposed steep tariffs on Chinese graphite imports, while peer Novonix added 16.0 per cent to 54.5 cents.

The big four banks finished on the green, with CBA rising 0.9 per cent to $182.46, Westpac adding 18. per cent to $34.31, ANZ advancing 1.2 per cent to $30.82 and NAB growing 1.3 per cent to $39.19.

The Australian dollar was trading for 65.02 US cents, from 64.71 US cents on Thursday.

ON THE ASX:

The benchmark S&P/ASX200 index on Friday rose 118.2 points, or 1.37 per cent, to 8,757.2

The broader All Ordinaries climbed 116 points, or 1.3 per cent, to 9,006.8.

The NZX 50 Lost -25.01 points (-0.19%) to 12,880.40 while the Nikkei dropped -82.08 points (-0.21%) at the time of writing, to be closed at 39,819.11