Australian Shares Finish the Week 1% Higher

  • Stock Market News
Australian Shares Finish the Week 1% Higher
Credit: © Reuters.

By Oliver Gray - The ASX 200 added 81.10 points or 1.15% to 7,145.60 during Friday’s trading session, partially recouping yesterday’s losses of 1.6% and finishing the week 1% higher as as sentiment received a boost from a move by Chinese banks to lower a key interest rate for long-term loans amid protracted Covid-19 lock-downs across the region.

Among stocks, Information Technology posted the largest gains, up 4.6% collectively as Appen Ltd (ASX: APX ) added 2%, Block Inc (ASX: SQ2 ) gained 9.9%, Megaport Ltd (ASX: MP1 ) added 2.8%, Novonix Ltd (ASX: NVX ) lifted 11.7%, Brainchip Holdings Ltd (ASX: BRN ) gained 5.4% and Technology One Ltd (ASX: TNE ) added 4.7%.

Materials lifted 2.2% overall with Rio Tinto Ltd (ASX: RIO ) up 1.5%, BHP Billiton Ltd (ASX: BHP ) adding 2.1%, Fortescue Metals Group Ltd (ASX: FMG ) lifting 3.9%, Champion Iron Ltd (ASX: CIA ) adding 3.9%, Pilbara Minerals Ltd (ASX: PLS ) lifting 4.4%, Lake Resources NL (ASX: LKE ) up 7.5% and Magnis Resources Ltd (ASX: MNS ) gaining 2.5%.

Consumer Discretionary finished 2% higher as JB Hi-Fi Ltd (ASX: JBH ) lifted 2.8%, Domino's Pizza Enterprises Ltd (ASX: DMP ) added 2.2%, Tabcorp Holdings Ltd (ASX: TAH ) gained 1.9%, Aristocrat Leisure Ltd (ASX: ALL ) lifted 4.3% and Wesfarmers Ltd (ASX: WES ) added 1.9%.

Financials gained 0.9% with Macquarie Group Ltd (ASX: MQG ) up 2.1%, Commonwealth Bank Of Australia (ASX: CBA ) adding 0.8%, Westpac Banking Corp (ASX: WBC ) up 0.5%, National Australia Bank Ltd (ASX: NAB ) adding 0.7% and Australia and New Zealand Banking Group Ltd (ASX: ANZ ) up 0.9%.

Energy companies were dragged lower amid falling Oil prices with Woodside Petroleum Ltd (ASX: WPL ) down 3.75%, Santos Ltd (ASX: STO ) falling 1.6% and Beach Energy Ltd (ASX: BPT ) down 2.7%.

On the bond markets, Australia 10-Year rates were at 3.305% while United States 10-Year yields were at 2.85%.

In New Zealand, the NZX 50 added 0.5% to 11,267.4.

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