ASX snaps three-day losing streak
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The news: The Australian sharemarket closed higher on Friday, rebounding from three consecutive days of losses.
The numbers: The benchmark ASX 200 gained 0.96% to finish at 7,701.7, with 10 out of 11 sectors finishing in green.
The best performing sector was consumer staples, up 1.91%, followed by energy (1.77%) and industrials (1.33%).
Telix shares surged 15.25% to a record high on positive trial data for a prostate cancer therapy and was the best ASX 200 performer. Healthcare peer Pro Medicus gained 0.2% as analysts upgraded the company on new contracts worth $45 million.
Across the wider ASX, Avita Medical soared 12.78% after the US Food and Drug Administration approved its burn treatment.
Despite posting a hit to its fourth quarter revenue and earnings, Champion Iron gained 1.15% while BHP inched 0.36% higher after receiving a ‘buy’ rating from Citi analysts. Rio gained 0.64% after announcing its New Zealand Aluminium Smelters had signed electricity arrangements that would keep its Tiwai Point aluminium smelter operating until at least 2044.
Meanwhile, ANZ finished 0.82% higher after announcing it would sell its remaining stake in Malaysian lender AmBank.
Qantas gained 0.25% after signing a new terminal agreement with Perth Airport, ending a long-running dispute with the airport.
The worst performing sector was real estate, down 0.21%, followed by utilities (0.32%) and IT (0.67%).
Despite appointing former Crown executive Jeannie Mok as its new chief operating officer, The Star Entertainment fell 2.17%.
Elsewhere, Namoi Cotton finished 1.43% lower after its directors recommended a takeover offer from Olam after an independent expert concluded the bid to be “fair and reasonable”.
The Australian dollar is higher buying 66.36 US cents.
The context: Tonight will see the release of the latest US personal consumption expenditure figures, the Federal Reserve’s preferred inflation gauge.
Next week will see the Australian Bureau of Statistics release the latest GDP and national account figures.
