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On Friday, the local market ended a three-week losing streak, with 10 of the 11 industry sectors rising higher. The ASX200 gained 0.6% on Friday, as reporting season kicked off.
Liontown Resources (ASX:LTR) gained over 6%. After the market close on Thursday, the company announced the completion of its share purchase plan (SPP). News Corp (ASX:NWS) reporting its highest earnings since its separation from 21st Century Fox in 2013. NWS gained 5.7%. Meanwhile, Seek (ASX:SEK) declined the most, after Goldman Sachs reiterated its SELL rating and decreased its price target by 15% to $27.30.
The most traded stock by Bell Direct clients was Seven West Media (ASX:SWM). On Friday, UBS reiterated its BUY rating on SWM, with a $0.95 price target. Other highly traded stocks included a few ETFs, such as HLTH, VAS and VETH. While clients also traded CSL (ASX:CSL), BHP Group (ASX:BHP), Australia and New Zealand Banking Group (ASX:ANZ), BrainChip (ASX:BRN), Westpac (ASX:WBC) and Adelaide Brighton Cement (ASX:ABC).
In the US, we saw Facebook suffer the largest share market hit, by value and points, in market history. Facebook’s parent company Meta’s stock price fell by 27% in one day, equivalent to over US$230 billion in lost value. In the following session on Friday, the tech sector recovered the losses led by Facebook, by a 13.5% surged in Amazon. Amazon reported strong quarterly earnings, which also saw the company largest one-day gain since 2015. The S&P500 and the Nasdaq ended their best week of the year, while the Dow Jones closed slightly in the red.
The SPI futures are suggesting the ASX200 will fall 0.58% at the open.
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