Australian Shares Finish the Week 0.5% Higher

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Australian Shares Finish the Week 0.5% Higher

By Oliver Gray 

Investing.com - The S&P/ASX 200 closed higher on Friday, adding 76.80 points or 1.08% to 7,182.70 and lifting 0.5% for the week as investors proved optimistic as recession fears receded.

Among stocks, the Energy sector was the most improved, adding 2.3% as oil prices traded near monthly highs. Woodside Petroleum Ltd (ASX: WPL ) added 3.6%, Santos Ltd (ASX: STO ) gained 1.1%, Beach Energy Ltd (ASX: BPT ) lifted 3.8% and Viva Energy Group Ltd (ASX: VEA ) added 2.5%.

Consumer Discretionary lifted 2% with JB Hi-Fi Ltd (ASX: JBH ) up 2.5%, Domino's Pizza Enterprises Ltd (ASX: DMP ) adding 1.8%, Tabcorp Holdings Ltd (ASX: TAH ) gaining 4.7% and Wesfarmers Ltd (ASX: WES ) up 1.6%.

Materials added 1.5% collectively, with Rio Tinto Ltd (ASX: RIO ) up 2.4%, BHP Billiton Ltd (ASX: BHP ) adding 2.5% and Fortescue Metals Group Ltd (ASX: FMG ) slipping 1.7%.

Financials also finished 1.1% higher, as Commonwealth Bank Of Australia (ASX: CBA ) added 1.1%, Westpac Banking Corp (ASX: WBC ) gained 0.8%, National Australia Bank Ltd (ASX: NAB ) lifted 0.4%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) added 0.6% and Macquarie Group Ltd (ASX: MQG ) increased 2.9%

Meantime, Appen Ltd (ASX: APX ) dropped 20.9% after Telus International abruptly pulled its takeover offer.

On the bond markets, Australia 10-Year rates were at 3.249% while United States 10-Year yields were at 2.742%.

In New Zealand, the NZX 50 fell 0.3% to 11,065.

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