ASX 200 posts third straight weekly gain as miners and tech shares rebound
The benchmark rose 1% on Friday to 8,806.7 after a mid-week sell-off linked to concerns about AI valuations and global growth.
Australian shares rose for a third week in a row after mining and technology stocks rebounded on Friday 16 October, according to AAP.
The S&P/ASX 200 gained 87 points, or 1%, to close at 8,806.7. The broader All Ordinaries rose 100 points, or 1.13%, to 8,940.4. The ASX 200 had closed the previous Friday at 8,716.6, so it rose about 1% over the week, according to Yahoo Finance closing data.
AAP reported that buyers returned to technology and mining stocks on Friday. Both sectors had fallen earlier in the week amid concerns about artificial intelligence valuations and global growth.
The materials sector rose 3.2%, the Australian Financial Review reported. BHP gained 3.5% to $60.03 and Rio Tinto rose 1.5% to $154.93. The AFR said mining and technology had been the hardest-hit sectors on Thursday. Consumer staples and banks closed lower on Friday.
The AFR said sentiment was also helped by comments from US Federal Reserve chair Kevin Warsh at the IMF meetings in Bangkok. Warsh described AI as a huge benefit to the US economy.
The Australian dollar was buying 69.47 US cents, down from 69.51 US cents at 6am GMT on Thursday, AAP reported.
AAP said no major Australian economic data is due in the coming week. Several Reserve Bank officials are scheduled to speak.
Sources
- ASX clocks a third straight weekly gain as tech and miners bounce back · AAP (via CommBank Newsroom)
- ASX rallies to close higher, buoyed by rebound in AI sentiment · Australian Financial Review
- S&P/ASX 200 (^AXJO) historical data · Yahoo Finance
- Eyes on RBA for rate call hints as jobless numbers rise · AAP
Related coverage
All business and finance →
Northern Star gold sales fall to 364,000 ounces as costs rise during Kalgoorlie mill tie-in
The Australian gold miner kept its full-year guidance after a quarter in which its all-in sustaining cost rose to A$3,217 an ounce.
ASX 200 closes 0.16% higher on Wednesday as banks rise and NextDC shares fall 42%
Australian shares ended slightly higher after spending most of the session lower, with the major banks and communication stocks rising while NextDC fell after cutting its guidance.
ASX 200 closes 0.33% lower on Tuesday as energy and materials shares fall
Australian shares closed lower on Tuesday after recovering from a fall of as much as 1% earlier in the session, with consumer staples and healthcare stocks rising.
ASX 200 closes 0.44% higher on Monday as energy shares rise; futures point lower
The S&P/ASX 200 ended Monday up 39 points at 8,845.7, led by energy and financial shares, while ASX 200 futures were down 0.4% early on Tuesday, The Australian Financial Review reported.
RBA's Kent says neutral rates appear to be rising, questions whether policy is restrictive enough
Reserve Bank Assistant Governor Christopher Kent said there was reasonable indication neutral interest rates are rising in Australia and globally, and that the market reaction to last week's weak jobs data made sense.
ASX 200 opens 0.3% higher as energy shares rise and Challenger jumps 13.6%
Australian shares rose at the open on Monday despite Friday's tech sell-off on Wall Street. NextDC entered a trading halt.
