Australian Shares Finish the Week 1.6% Higher

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Australian Shares Finish the Week 1.6% Higher

By Oliver Gray - The S&P/ASX 200 added 50.3 points or 0.8% to 6,578.7 During Friday’s session, finishing the week 1.6% higher as easing bond yields boosted risk sensitive sectors.

Among stocks, Information Technology finished 6% higher with Block Inc (ASX: SQ2 ) surging 10.9%, Megaport Ltd (ASX: MP1 ) up 15.9%, Novonix Ltd (ASX: NVX ) gaining 13.5%, Brainchip Holdings Ltd (ASX: BRN ) up 6.3% and Xero Ltd (ASX: XRO ) adding 7.5%.

Telecommunication Services gained 2.7%, with Rea Group Ltd (ASX: REA ) up 8.2%, Domain Holdings Australia Ltd (ASX: DHG ) gaining 7.2%, Seek Ltd (ASX: SEK ) up 5.4% and Telstra Corporation Ltd. (ASX: TLS ) adding 1.6%.

Real estate companies lifted 2.5% overall, as Mirvac Group (ASX: MGR ) gained 1.9%, Charter Hall Group (ASX: CHC ) added 2.7%, Goodman Group (ASX: GMG ) lifted 3.3%, Stockland Corporation Ltd (ASX: SGP ) added 2.1% and Scentre Group Ltd (ASX: SCG ) gained 1.5%.

Materials finished 0.1% lower, with Rio Tinto Ltd (ASX: RIO ) and BHP Billiton Ltd (ASX: BHP ) falling 1.2% apiece, Fortescue Metals Group Ltd (ASX: FMG ) adding 0.2%, Arizona Lithium Ltd (ASX: AZL ) lifting 26.1%, Magnis Resources Ltd (ASX: MNS ) adding 18.2%, European Lithium Ltd (ASX: EUR ) up 21.2% and Champion Iron Ltd (ASX: CIA ) up 2.6%.

Meantime, Lake Resources NL (ASX: LKE ) jumped 15%, recovering some of its losses this week following the sudden resignation of managing director Stephen Promnitz on Monday morning.

On the bond markets, Australia 10-Year rates were at 3.723% while United States 10-Year yields were at 3.068%

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