ASX ends week on a high
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The news: The Australian sharemarket ended the week with a strong gain on Friday, taking cues from Wall Street where shares rose following better-than-expected unemployment figures.
The number: The benchmark ASX 200 rose 1.25% to end at 7,777.7, with all 11 sectors finishing in green.
The best performing sector was IT, up 3.08%, followed by AREITs (2.52%). Family sharing app Life360 was the standout performer across the ASX 200, surging 17.55% after posting stronger-than-expected operating cash flow and increased guidance in its quarterly earnings.
News Corp soared 7.62% after the Murdoch-controlled media group beat estimates for fourth-quarter revenue and revealed talks over a possible sale of Foxtel Group. Subsidiary REA Group also increased 6.72% after the digital real estate platform reported a full-year revenue rise driven by listings growth and strong performances in Sydney and Melbourne.
Whitehaven Coal gained 1.87% after the high court refused a special leave application by a green group over two mining projects including Narrabri 3.
Oil stocks Beach Energy (2.52%). Woodside Energy (2.49%), Karoon Energy (1.44%), Santos (0.92%) and Ampol (0.5%) all gained after oil prices tracked a 3% gain for the week.
AMP increased 0.39% despite losses early in the trading day after Morgan Stanley analysts upgraded the stock to ‘overweight’.
Meanwhile, Energy Resources of Australia jumped 14.29% after it was announced that the Federal Court would hear its case over the NT government's refusal to renew its Jabiluka mining lease.
Avita Medical increased 9.2% after posting a lift in quarterly revenue despite trimming its full-year guidance due to rising operating costs.
Nick Scali pared back earlier losses to end flat after posting a decline in first-half profit and sales.
The worst performing sector was consumer discretionary, up 0.08%, followed by consumer staples (0.5%).
Neuren Pharmaceuticals was the worst ASX 200 performer after its shares fell 5.38%, as the market responded to the biopharmaceutical company's June quarter results after a two-day trading halt.
Light & Wonder fell 3.15% despite receiving ratings upgrades from Morningstar and Jarden analysts after the company reported a 14% rise in quarterly gaming revenue.
QBE shares lowered 1.65% after it doubled its first-half profit but saw premiums growth tumble year on year and declared an interim dividend below consensus expectations.
The Australian dollar is higher, buying 65.93 US cents.
The context: Earnings season continues next week with results to be posted from Beach energy, JB Hi-Fi, Temple & Webster, James Hardie, Seek, Seven Group, Pro Medicus, AGL, Origin, Telstra, CBA, Cochlear, and Magellan.
Next week will also see the latest US CPI figures released.
