By Oliver Gray
Investing.com - The S&P/ASX 200 added 37.2 points or 0.5% on Friday, halting two consecutive sessions of decline and lifting 0.43% for the week as investors proved optimistic after fresh record closes on Wall Street in the previous session, while rising energy and mining stocks also stoked appetite.
In coronavirus news, New South Wales reported a record 1431 cases, with infection rates still yet to peak over the next two weeks as health authorities push forward with plans to ease restrictions gradually when 80% of the state’s eligible population is fully vaccinated. Meantime, Victoria added 208 cases as Premier Daniel Andrews extended current lockdown restrictions indefinitely yesterday until the state hits 70% first dose vaccination rate. The ACT also added 18 cases with 15 infectious while in the community.
Among stocks, energy companies moved higher as Crude Oil bounced overnight, with Santos Ltd (ASX:STO) and Woodside Petroleum Ltd (ASX:WPL) adding 1.13% and 0.76% at the close, respectively. Mining stocks also rose despite sliding Iron ore prices amid fears of steel production cuts in China, with Rio Tinto Ltd (ASX:RIO) lifting 2.5%, BHP Billiton Ltd (ASX:BHP) adding 0.98% and Fortescue Metals Group Ltd (ASX:FMG) up 0.77%.
In New Zealand, the NZX 50 added just 8.4 points or 0.06% to 13288.87, finishing the week 1.74% higher and closing at 8-month highs.