Australian Stock Market Sees Mixed Week, Tech Sector Surges
The Australian stock market saw a mixed performance over the week ending October 2. The S&P/ASX 200 rose by 0.20% to close at 8682.1, while the All Ordinaries increased by 0.10% to 8854.7.
Monday's session started on a positive note with a 0.17% gain, driven by banks and healthcare sectors. However, small caps sold off during this period.
Technology emerged as the top-performing sector, with a significant 7.34% rise over the week. Discretionary shares rose by 2.64%, while telecom added 1.81%. Utilities, industrials, and financials also finished higher.
The Reserve Bank of Australia raised the cash rate by 25 basis points to 4.60% on Tuesday. The Australian dollar was up 0.1% at US$0.69382 by Friday's close. Brent crude fell by 0.93% to 100.56635, and gold rose by 0.05% to 4179.65389.