ASX Today Live News & Analysis

The local share market has finished above 8,600 for the first time ever after a stronger-than-expected US jobs report reaffirmed the strength of the world's largest economy.

The benchmark S&P/ASX200 index edged 7.2 points higher to close at 8,603.0 on Friday, a gain of 0.08 per cent.

The broader All Ordinaries rose 8.3 points, or 0.09 per cent, to 8,841.9.

The gains follow another record-setting day on Wall Street, where the S&P500 and the Nasdaq Composite hit new records after the June non-farm payrolls report showed US employment rising more than expected.

Capital.com analyst Kyle Rodda said that while the readout had all but extinguished the case for the Federal Reserve to cut interest rates in July, stocks had still reacted positively on relief that the US economy was holding up strongly despite risks from national trade policy and tariffs.

For the week, the ASX200 rose 1.0 per cent, its best since mid-May.

AMP chief economist Shane Oliver said that share markets were rising thanks to hopes for trade deals, the solid US jobs data and as Congress passed Donald Trump's tax cut bill.

Expectations that the Reserve Bank will cut interest rates next week have also helped Australia's market.

The futures market this week has been giving 97 per cent implied odds that the Reserve Bank will cut rates on Tuesday following more softer-than-expected economic data this week.

Eight of the ASX's 11 sectors finished higher on Friday, with energy, industrials and materials closing lower.

The latter was the biggest mover, dropping one per cent after its strong gains Wednesday and Thursday. Materials still rose 2.9 per cent for the week, its best week since April.

BHP on Friday dropped 1.4 per cent to $38.73, Rio Tinto lost 1.3 per cent to $108.80 and South32 retreated 2.5 per cent to $3.12.

Orica dipped 0.4 per cent to $19.69 even as the federal government pledged $432 million to support the explosive maker's green hydrogen project in NSW's Hunter Valley.

In the financial sector, Commonwealth Bank fell 0.9 per cent to $178, in its sixth day of declines out of the past seven sessions since June 25, when Australia's most valuable company hit an all time-high of $192.

The other big four banks all ended in the green, with ANZ up 0.8 per cent to $30.32, Westpac adding 0.5 per cent to $33.63 and NAB gaining 0.6 per cent to $39.15.

Elsewhere, early education and day care provider G8 Education dropped 3.5 per cent to a two-year low of 96 cents.

Its shares have dropped 18.6 per cent since Tuesday, when a former employee was charged by Victoria Police with multiple sexual offences against children.

The company's board is also under scrutiny, with the Australian Shareholders' Association alleging that its limited experience in early childhood education and care raised questions about its capabilities to effectively oversee those responsibilities.

The Australian dollar was buying 65.72 US cents, from 65.77 US cents at close of business on Thursday.

ON THE ASX:

The benchmark S&P/ASX200 index finished Friday up 7.2 points, or 0.08 per cent, at 8,603.0

The broader All Ordinaries climbed 8.3 points, or 0.09 per cetn, to 8,841.9

The NZX 50 added 62.12 points (0.49%) to 12,766.60 while the Nikkei gained 24.98 points (0.06%) at the time of writing, to be closed at 39,810.88