Welcome to your five-minute summary of the trading day and how the experts saw it.
The figures: The Australian stock market has recorded its first two consecutive days of gains this month, ending a positive week with a 0.8 per cent increase on Friday as technology stocks rose 6 per cent.
The ASX 200 closed the week at 6,578.7 points, up 1.6 percent from the last five sessions after falling 7.7 percent last month, with global markets declining as they central banks around the world are beginning to raise interest rates to cope with inflation. causing fears of a global recession.
Mining stocks were the biggest losers this week, as fears of a recession weighed on commodity prices, and the materials sector fell 4.9 percent in five sessions. Energy stocks were similarly affected by falling oil prices and suffered the biggest drop on Friday, with a 1.5 per cent drop.
Technology stocks had the best performance of the week, up 8.1%. On Friday, software company Xero rose 7.5% and WiseTech Global by 8.5%.
Lifts: Life360 Inc 24.9%, Zip Co 21.6%, Imugene 17.9%
The arrears: Ampol -2.6%, Viva Energy -2.5%, Beach Energy -2.5%
The downturn: Friday’s tech sector rebound came after the high-tech Nasdaq led Wall Street gains on Friday morning (AEST), up 1.6 percent.
US futures pushed the sector up during the session, while investors also saw value in the interest-sensitive technology sector, which was particularly damaged as the ASX suffered the worst week in two years last week when central banks moved to raise rates.
The positive week for the local stock market comes despite the fall of its large miners, with BHP and Rio Tinto reaching their lowest share price since May 10, as iron ore prices continued to fall since of its March high. Concern that there was an oversupply of steel in China and its COVID-19 policies would limit markets concerned about growth.