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Australian Shares Finish the Week 1% Higher

Stock Markets May 20, 2022 16:48
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By Oliver Gray - The ASX 200 added 81.10 points or 1.15% to 7,145.60 during Friday’s trading session, partially recouping yesterday’s losses of 1.6% and finishing the week 1% higher as as sentiment received a boost from a move by Chinese banks to lower a key interest rate for long-term loans amid protracted Covid-19 lock-downs across the region.

Among stocks, Information Technology posted the largest gains, up 4.6% collectively as Appen Ltd (ASX:APX) added 2%, Block Inc (ASX:SQ2) gained 9.9%, Megaport Ltd (ASX:MP1) added 2.8%, Novonix Ltd (ASX:NVX) lifted 11.7%, Brainchip Holdings Ltd (ASX:BRN) gained 5.4% and Technology One Ltd (ASX:TNE) added 4.7%.

Materials lifted 2.2% overall with Rio Tinto Ltd (ASX:RIO) up 1.5%, BHP Billiton Ltd (ASX:BHP) adding 2.1%, Fortescue Metals Group Ltd (ASX:FMG) lifting 3.9%, Champion Iron Ltd (ASX:CIA) adding 3.9%, Pilbara Minerals Ltd (ASX:PLS) lifting 4.4%, Lake Resources NL (ASX:LKE) up 7.5% and Magnis Resources Ltd (ASX:MNS) gaining 2.5%.

Consumer Discretionary finished 2% higher as JB Hi-Fi Ltd (ASX:JBH) lifted 2.8%, Domino's Pizza Enterprises Ltd (ASX:DMP) added 2.2%, Tabcorp Holdings Ltd (ASX:TAH) gained 1.9%, Aristocrat Leisure Ltd (ASX:ALL) lifted 4.3% and Wesfarmers Ltd (ASX:WES) added 1.9%.

Financials gained 0.9% with Macquarie Group Ltd (ASX:MQG) up 2.1%, Commonwealth Bank Of Australia (ASX:CBA) adding 0.8%, Westpac Banking Corp (ASX:WBC) up 0.5%, National Australia Bank Ltd (ASX:NAB) adding 0.7% and Australia and New Zealand Banking Group Ltd (ASX:ANZ) up 0.9%.

Energy companies were dragged lower amid falling Oil prices with Woodside Petroleum Ltd (ASX:WPL) down 3.75%, Santos Ltd (ASX:STO) falling 1.6% and Beach Energy Ltd (ASX:BPT) down 2.7%.

On the bond markets, Australia 10-Year rates were at 3.305% while United States 10-Year yields were at 2.85%.

In New Zealand, the NZX 50 added 0.5% to 11,267.4.

Australian Shares Finish the Week 1% Higher

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