Australian shares advanced on Friday, the final trading day before the long weekend, with major domestic retailers leading the charge. The benchmark ASX 200 index climbed 0.4% (30.1 points) to close at 8408.90, just short of its record high of 8415.5 points. Meanwhile, the broader All Ordinaries index rose 0.36% (31.3 points) to finish at 8660.40 points.
The Australian dollar reached a five-week high, gaining 0.3% to 63.06 US cents, supported by “positive” discussions between US President Donald Trump and Chinese President Xi Jinping.
The rally mirrored strong performances on Wall Street, where the S&P 500 hit a record high, rising 0.5%. The Dow Jones gained 0.9%, and the Nasdaq Composite edged up 0.2%.
Domestically, nine out of 11 sectors posted gains, with energy and information technology being the only two in the red. Consumer discretionary stocks stood out, jumping 2.12% after a rough day on Thursday, where they fell over 1%.
Premier Investment was the top performer, soaring 6.5% to $28.62 after finalizing a historic deal with Myer. Under the agreement, Premier divested five of its apparel brands—including Just Jeans and Portmans—in exchange for a controlling 51% stake in Myer. Myer’s shares also climbed, up 2.6% to $0.98.
AMP shares rose 5% to $1.785, while Tabcorp saw a 3.9% increase to $0.665. Among the big four banks, CBA advanced 0.51% to $158.65, NAB gained 0.61% to $39.40, and Westpac inched up 0.18% to $33.02. ANZ was the only laggard, slipping 0.066% to $30.18.
Wesfarmers soared 3.2% to $74.66 after Goldman Sachs issued a “buy” recommendation. The retailer’s performance comes as it announced the closure of its underperforming Catch online marketplace.
However, not all retailers fared well. Kogan shares plummeted 15.22% to $5.07 despite reporting a 9.9% revenue increase for the first half of the 2025 financial year. The results fell short of market expectations despite strong sales during Black Friday and Boxing Day periods.
On the upside, Synlait Milk shares surged over 20% after the company reported a positive performance update, marking one of the standout gains of the day.