By Reuters

Copyright brecorder

Australian shares were on track for their best week in two-and-a-half months as the market inched higher on Friday with gains in the technology and healthcare sectors outweighing losses in gold stocks.

The S&P/ASX 200 index rose 0.1% to 8,953.70 by 0028 GMT.

The benchmark has gained 1.9% so far this week, putting it on track for its biggest weekly gain since the week ended July 18.

Technology stocks advanced 0.5% for the day after their US peers notched record closing highs overnight. Life360’s Australia-listed shares advanced 2.1%, while Block jumped 4.4%.

Healthcare stocks climbed 0.7%, while the consumer staples gauge rose 0.2%.

However, gold stocks fell 0.6% after a five-session winning streak.

The sub-index has risen 6.3% so far this week, powered by a rally in bullion prices. Evolution Mining was down 1.4% for the day, while Northern Star Resources slumped 1.3%.

Miners were down 0.2% on Friday but up 1.9% for the week. Energy stocks slipped 0.3%. Financials slipped 0.1%, but were on track for their best week in six.

The “Big Four” banks were down between 0.2% and 0.7% on Friday.

The Reserve Bank of Australia held its cash rate steady at 3.6% on Tuesday and signalled limited room for further easing unless growth slows.

ANZ analysts said in a note that they no longer expect a rate cut in November due to upside risks to core inflation.

Among individual stocks, DigiCo Infrastructure REIT soared more than 20% after the data centre operator’s strong forecast for fiscal 2026.

In New Zealand, the benchmark S&P/NZX 50 index fell 0.1% to 13,437.57.

The country’s central bank is expected to cut its key rate to 2.75% at a policy meeting on October 8, according to a Reuters poll.