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Week-to-date the ASX200 has advanced 0.52%, boosted by the rebound in Friday’s session, when the market closed just over 1% higher, lifting the ASX200 index to its second consecutive weekly advance. 10 of the 11 industry sectors posted gains. The best performing sectors were energy, which lifted as oil prices neared two-month highs, and the consumer discretionary sector, which followed optimistic forecasts from retailers in the New York. The major banks also all advanced, supporting the broader market.
The best performing stocks were Pointsbet Holdings (ASX:PBH), City Chic Collective (ASX:CCX) and Block (ASX:SQ2). The worst performer on Friday was Appen (ASX:APX), after it was the best performer Monday-Thursday. Appen is an artificial intelligence services provider, which was approached by Canadian tech company Telus for a $1.2 billion takeover offer, offering $9.50 per share. However, Telus then withdrew their offer and Appen’s share price dropped 21% in Friday’s session. And Appen has received a lot of investor criticism, following the news.
The most traded stock by Bell Direct clients on Friday were Galileo Mining (ASX:GAL). Investors took their profits after the company’s share price jumped 20.6% on Friday, following news that the miner has discovered rhodium mineralisation at its Norseman project in Western Australia.
It was a strong session on Wall Street, with the Dow Jones and the S&P500 closing their best weeks since November 2020. The Dow gained 575 points, up nearly 1.8%. The S&P500 rallied 2.5% higher. And the tech-heavy Nasdaq outperformed, ending the day 3.3% higher, boosted by strong earnings from software companies, as well as a fall in the 10-year Treasury yield.
What to watch today: