The Australian sharemarket rose for a third straight week on Friday, as strong gains from the mining sector helped local shares offset their year-to-date losses.
P/ASX 200 Index rose 87.6 points, or 1.2 per cent, to 7493.8 this week, despite dipping 5.8 points, or 0.1 per cent, on Friday.during the week, the reaction on the local sharemarket was muted, as investors instead focused on geopolitical concerns driving iron ore higher and oil prices lower.
BHP Group led the market, contributing to almost half the gains alone, as iron ore and base metal prices pushed higher. Its shares rose 5.3 per cent to $52.39. Rio Tinto added 3 per cent to $120.34, Fortescue Metals Group advanced 9.3 per cent to $21.06 and Champion Iron firmed 7.7 per cent to $7.81.Lithium miners were also strong during the week as Allkem reported record pricing ahead of the June quarter.
Mineral Resources advanced 12.1 per cent to $54.59, Allkem climbed 12.6 per cent to $12.40, Pilbara Minerals firmed 6.9 per cent to $3.43, and AVZ Minerals rose 14 per cent to $1.30.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
S&P/ASX200 index: ASX adds 0.7pc as tech shares lead market higherTechnology companies and winners from the federal budget help blue chips erase all losses for the year.
Read more »
Israel concerned about 'wave' of terrorism after three attacks in a weekIsraeli Prime Minister Naftali Bennett has warned his country is facing a new wave of terror after a third attack in a week.
Read more »
Telstra’s CEO-designate: who is Vicki Brady?Vicki Brady will join Macquarie Group chief executive as only the second female executive of a top 10 ASX company.
Read more »
ASX cuts 7-day winning streak as tech, banks weighThe S&P/ASX 200 dropped in the final minutes of trading as energy and tech stocks weighed on the market, while all four major banks fell.
Read more »
Government to stop carbon projects that interfere with agriculture and regional communitiesAustralia's Agriculture Minister will have the power to stop new carbon farming projects covering more than 15 hectares, or more than one third of a farm, from next week.
Read more »
Soaring commodities help ASX to stellar outperformanceThe dominance of mining stocks on the Australian sharemarket has helped it outperform the S&P 500 by its biggest margin in more than three years during the first quarter.
Read more »