Published on 07/04/2025 at 02:52
(MT Newswires) -- Australian shares closed the week flat with a slight positive tilt amid strong US non-farm payroll data that dampened hopes of a July interest rate cut.
The S&P/ASX 200 Index was little changed to close at 8,603.
US non-farm payrolls rose by 147,000 in June, exceeding estimates of 106,000, in a sign the labor market remains resilient, Westpac Banking (ASX:WBC, NZE:WBC) reported.
"This will be enough for the Fed to remain patient and digest the implications of tariffs," said Jameson Coombs, economist at Westpac.
On the domestic front, Australia's seasonally adjusted household spending rose 0.9% to AU$76.45 billion in May after a flat reading in April, the Australian Bureau of Statistics reported.
National Australia Bank's consumer stress index eased to a two-year low of 56.6 points in the June quarter from 59.6 points in the March quarter, according to the bank's media release.
The Cotality Home Value Index rose another 0.6% in June, and Westpacsaid in a Friday report that it expects price gains to continue as the Australian central bank returns the cash rate to a neutral setting by May 2026.
In company news, TerraCom's managing director, Danny McCarthy, and three former directors and officers have been cleared of allegations brought by the Australian Securities and Investments Commission ( ASIC ) before the Federal Court of Australia, a court document showed. Shares of the company fell 5% at market close.
G8 Education's shares hit their lowest since August 2020 on Friday, weighed down by the company's Wednesday announcement about sexual assault charges against a former employee. Shares of the company fell nearly 4% at market close.
Lastly, Orica said it was conditionally awarded AU$432 million to support the operation of the Hunter Valley hydrogen hub in New South Wales, subject to a financial investment decision and requisite pre-conditions being met, in the first round of the Australian Renewable Energy Agency's Hydrogen Headstart program. Shares of the company closed down marginally.

Sumber : MT Newswires