The S&P/ASX 200 Index gained 0.66% to close at 6,894 on Friday, recovering further from seven-week lows, as higher iron ore and other metals prices lifted local mining shares. Meanwhile, concerns about slowing global economic growth kept sentiment in check, as major central banks continue to aggressively raise interest rates to combat inflation. Gains in the mining sector were led by BHP Group (3.2%), Fortescue Metals (6.1%) and Rio Tinto (2.7%). Mineral Resources also rallied 13.6% amid speculations surrounding a potential demerger of its lithium operations. Other index heavyweights advanced as well, including Pilbara Minerals (5.9%), Woodside Energy (1.3%), NAB (0.8%), Newcrest Mining (3.8%) and Wisetech Global (2.5%). The benchmark index ended the week 1% higher, reversing sharp losses sustained earlier in the period driven by recession fears.
Historically, the Australia Stock Market Index (AU200) reached an all time high of 7632.80 in August of 2021. Australia Stock Market Index (AU200) - data, forecasts, historical chart - was last updated on September of 2022.
The Australia Stock Market Index (AU200) is expected to trade at 6664.81 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 6196.36 in 12 months time.