The Australian stock exchange ended a three-week losing streak on Friday, with shares rising as they shrugged off savage selling on Wall Street.
The Australian sharemarket ended a three-week losing streak on Friday, with local shares closing higher, as they shrugged off savage mid-week selling on Wall Street.P/ASX 200 Index rose 132 points, or 1.9 per cent, to 7120.1 this week, supported by a 42.1 points, or 0.6 per cent, gain on Friday.a cautious tone from the Reserve Bank of Australia that bolstered investor sentiment.
“Australian shares benefited through the week from the positive global lead and indications from the RBA that it would be patient in raising interest rates with energy, utility, retail and property stocks leading the rally.”The result beat market expectations, driven by stronger revenue and faster cost-cutting.The results of the other major banks were mixed. Commonwealth Bank fell 1.6 per cent to $94.10, ANZ slid 1.4 per cent to $27.09 while NAB rose 0.9 per cent to $27.91.
The energy sector also supported the gains, as crude prices hit multi-year highs. Woodside Petroleum climbed 5.8 per cent to $26.27, Santos rose 6 per cent to $7.45, Origin Energy firmed 6.7 per cent to $5.90, and Beach Energy advanced 4.9 per cent to $1.50.News Corp climbed 11.7 per cent to $33.38 afterThe group’s EBITDA rose 18 per cent to $US586 million in the three months ended December 31.
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