Australian Shares Rebound 2.2%, Finish Week at 8-Month Lows By Investing.com

Australian Shares Rebound 2.2%, Finish Week at 8-Month Lows

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By Oliver Gray

Investing.com - The ASX 200 finished Friday’s session higher, adding 49.80 points or 2.19% to 6,988.10, snapping 5 sessions of consecutive declines and finishing the week at the lowest level since May 2021 amid volatile trading as market participants rotated away from riskier assets in the face of rising interest rates and a planned reduction in monetary policy support from central banks.

Among stocks, Consumer Staples were the most improved, adding 3.26%, with Woolworths Ltd (ASX:WOW) up 3.53%, Coles Group Ltd (ASX:COL) lifting 5.02% and Endeavour Group Ltd (ASX:EDV) up 2.59%.

The Materials sector was 1.53% higher as Rio Tinto Ltd (ASX:RIO) added 4.09%, BHP Billiton Ltd (ASX:BHP) gained 2.74%, Fortescue Metals Group Ltd (ASX:FMG) eased 0.15%, Champion Iron Ltd (ASX:CIA) gained 8.75%, Magnis Resources Ltd (ASX:MNS) added 6.45% Pilbara Minerals Ltd (ASX:PLS) gained 0.63%, Arizona Lithium Ltd (ASX:AZL) added 1.48%, Lake Resources NL (ASX:LKE) lifted 2.33% and Lynas Rare Earths Ltd (ASX:LYC) lost 3.15%.

Financials finished 2.1% higher, with Macquarie Group Ltd (ASX:MQG) up 3.95%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) gaining 1.48%, Commonwealth Bank Of Australia (ASX:CBA) adding 2.02%, National Australia Bank Ltd (ASX:NAB) lifting 1.47% and Westpac Banking Corp (ASX:WBC) adding 1.38%.

On the bond markets, Australia 10-Year rates were at 1.931% while United States 10-Year held near 2-year highs of 1.819%.

In New Zealand, the NZX 50 fell 1.64% to fresh 15-month lows of 11,852.

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