Enter your details to join our mobile app waitlist and receive early access to the Bell Direct App.
The local market posted its seventh gain in eight sessions on Friday, reaching a six week high, amid rising commodity prices, investor optimism boosted by favourable economic data both locally and in the US, and on the back of China’s reopening. Energy stocks led the gains on the ASX on Friday as crude oil rose almost 2% to trade at US$79.86/barrel.
The winning stocks from Friday’s session were led by Blackmores (ASX:BKL) lifting 6.24% while New Hope Corporation (ASX:NHC) added 5.07% and Domino’s Pizza (ASX:DMP) rallied 4.47% to end the week. On the losing end of the market on Friday, Imugene (ASX:IMU) tumbled almost 6%, while Lake Resources (ASX:LKE) and Core Lithium (ASX:CXO) each fell 4.62%.
Over in the US on Friday, US stocks notched their largest weekly gains in two months last week as earnings season kicked off and investor confidence was boosted by economic indicators that US inflation is starting to ease, which may prompt the Fed’s to ease their stance on raising interest rates. The tech-heavy Nasdaq rose 4.8% over the week as investors buy back into growth stocks like technology both in Australia and the US amid indications interest rate hikes may slow which will mean funding abilities for growth outlook will become more affordable. The Dow Jones rose 0.33% on Friday and the S&P500 added 0.4% to end the week.
In Europe, markets were also caught up in the global rally as investors keep a close eye on US earnings reports as well as favourable inflation data out of the US. The STOXX600 rose 0.5%, Germany’s DAX added0.19%, the French CAC rose 0.7% and in the UK, the FTSE100 rallied 0.64% on Friday.
What to watch today: