Australian shares recover after volatile week of trading
Summarised from 2 outlets · Updated 16 Oct, 03:02 · Archive
Australian shares rebounded on Friday, with the S&P/ASX200 up 0.97 per cent, as mining and technology stocks recovered from mid-week losses.
Australian shares rebounded on Friday after a volatile week, with the S&P/ASX200 jumping 84.9 points to 8803.5, up 0.97 per cent. The broader All Ordinaries rose 95.3 points, or 1.08 per cent, to 8935.7. The recovery tracked a rebound on Wall Street, with gains led by mining and technology stocks, though these had suffered heavy losses earlier in the week.
The raw materials sector rebounded 2.6 per cent after falling almost seven per cent since Tuesday. BHP and Rio Tinto led the sector, trading at $59.59 and $155.04 respectively. Gold stocks gained three per cent as the precious metal recovered to $US4154 per ounce. Battery minerals and rare earths producers also recovered some of the week's losses, whilst energy stocks inched higher as Brent crude held at $US105.50 a barrel.
The volatile week was marked by major sell-offs in chip stocks, shifting interest rate expectations and pressure on energy prices. Capital.com senior market analyst Kyle Rodda said the volatility reflected 'a market repositioning rapidly as it tries to digest a myriad of macroeconomic variables'. The turmoil followed China's disappointing economic stimulus plan and competition concerns in the artificial intelligence sector.
How it is being reported
- Australian shares recover from chaotic weekA recovery in mining and technology stocks is fuelling a much-needed rebound for the ASX after a volatile week of trade.Perth Now · 16 Oct, 02:24
- Australian shares recover from chaotic weekA recovery in mining and technology stocks is fuelling a much-needed rebound for the ASX after a volatile week of trade.The West Australian · 16 Oct, 02:24
In this story: BHP · Rio Tinto · Australia · China · Wall Street · Kyle Rodda
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