How was your week?
A choppy one on the boards!
We’re looking forward to some warmer weather this weekend.
A hike and some golf may be on the cards…
Enjoy the weekend!
The sharemarket edged up 0.1 per cent on Friday, following four days of losses. It staged a savage reversal as the mood for risk assets improved throughout the day.
Early in the session, the main benchmark dropped to a six-month low before paring losses thanks to a rebound in energy and utilities led by higher oil prices.
Out of 11 sectors on the ASX 200, five retreated with tech and property leading losses on fears that high interest rates would remain in place for months to come.
The benchmark S&P/ASX 200 Index added 3.6 points to 7068.8, but sealed a weekly loss of 2.9 per cent in the worst performance since August last year. The All Ordinaries also gained 0.1 per cent to 7270.
Santos rose 0.7 per cent to $7.64, Woodside Energy added 0.6 per cent to $36.25 and Beach Energy edged up 0.3 per cent to $1.625. Origin rallied 1.8 per cent to $8.86.
Meanwhile, labour unions and Chevron agreed to a compromise deal, spelling the end to more than two weeks of work stoppages that threatened to disrupt LNG exports from Western Australia.
Miner Rio Tinto shaved off 1.1 per cent to $114.57 and BHP Group firmed 0.5 per cent to $44.34 as iron ore prices in Singapore bounced nearly 2 per cent. Fortescue jumped 1.5 per cent to $20.81.
The major banks were mixed.
Fruit and vegetable processor Costa Group was among the best performers on the main index with a 6.6 per cent jump to $3.09 after accepting a $3.20 cash per share takeover offer by US buyout company Paine Schwartz Partners.
It was also a good day for media giant News Corp which rallied 2.2 per cent following news that Rupert Murdoch will step aside as chairman.