ASX 200 rises 0.8% after Thursday’s 2% slump

  • ASX 200 recovered part of Thursday’s decline as technology, consumer, resource and retail stocks advanced.
  • 68 points lifted the index 0.8% to 8,682, while the big four banks gained 0.4%-1.7%.
  • Australia’s market rose 0.2% for the week, ending four consecutive weekly declines.

Australia’s ASX 200 rose 68 points, or 0.8%, to close at 8,682 on Friday, recovering part of Thursday’s 2% decline after hitting its lowest level since mid-June. Sentiment improved after cooler-than-expected U.S. PCE inflation data, a measure of consumer prices, ahead of monthly jobs figures, while U.S. stock futures also strengthened. Investors are awaiting September final PMI readings and October confidence data due next week. August trade data showed solid export growth despite a narrower surplus as imports surged. Gains were broad, led by technology, consumer, energy and mineral, and retail stocks. The big four banks gained between 0.4% and 1.7%, while BHP and Rio Tinto each rose 1.2%. Wisetech gained 6.4%, Xero rose 5.0%, QBE advanced 4.2%, and Whitehaven Coal climbed 3.9%. Cochlear fell 4.0%, Pro Medicus dropped 2.7%, and Goodman Group declined 2.5%. The index gained 0.2% for the week, ending a run of four consecutive weekly declines.

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