Market Wrap / CBA record high

Tariffs? What tariffs? That appears to be the rhetorical question equity market investors are asking having pushed the ASX200 to a three month high. It initially climbed 1% at the opening before easing to finish half a percent higher at 8343.70, putting on 1.3% for the week.

Perhaps with a view to the prospect of an RBA rate cut next week, real estate stocks led the gains with Vicinity Centres and Goodman Group up around 2.5%. This follows weaker-than-expected US economic data, which heightening speculation the Fed will loosen monetary policy further. However, Dexus fell 1.1% on allegations that it had breached confidentiality arrangements which could force it to sell its Melbourne Airport stake.

The Commonwealth Bank briefly hit another record high of $173 before profit taking saw it fall to $170. The gold miners recovered some of their recent heavy losses to be the best performers on the bourse as the price of bullion consolidated with Evolution rising 3.6%.

 Among the laggards were the uranium miners with Paladin down 8%.

 Shares in AI data services company Appen surged 18.7% after upgrading its guidance.

And Webjet rejected a $314 million offer from private equity firm BGH Capital for a controlling stake.Next week the focus will be on the RBA meeting with bond traders sticking with their bets that the policy rate will be cut by 25 basis points to 3.85%.