Thanks afternoon crew. Great way to end the week. Have a splendid weekend, all.
End-of-day summary:
Aussie shares closed the week at a new high after a decline in US inflation prompted financial markets to prepare for a September US rate cut.
The ASX 200 soared past its previous peak of 7910.5, set back in April, to finish the session 70 points or 0.88% ahead at 7959.3.
Gold miners, property stocks and small caps provided some of the day's best returns as traders bought sectors expected to benefit most from a decline in global borrowing rates. Commonwealth Bank climbed 1.34% to overtake BHP as Australia's most valuable listed company. The miner's shares dropped 0.37%.
Tech stocks fell in line with trading patterns on Wall Street, where the prospect of lower rates triggered a sharp rotation from megacaps into smaller companies. US stocks finished mixed overnight after consumer prices contracted 0.1% last month, bringing the annual rate of inflation down to 3% from 3.3% in May.
