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98.230 AU Evening Wrap: ASX 200 Closes Out Solid Recovery Week With Another Gain as Energy, Uranium, and Gold Stocks Star
Market Performance
Australia's $S&P/ASX 200 (.XJO.AU)$ closed 0.35% higher at 7749.0, rounding out a third consecutive weekly gain. The benchmark index rebounded from the prior session's sell-off to spend the whole of Friday's session in the black, building on a positive lead by U.S. equities.
.XJO S&P/ASX 200
7749.000
+27.400
+0.35%
Market Closed
May 10, 2024 19:35 AET
Bank shares were again among the gainers, with $CommBank (CBA.AU)$, $National Australia Bank Ltd (NAB.AU)$, $ANZ Group Holdings Ltd (ANZ.AU)$ and $Westpac Banking Corp (WBC.AU)$ adding between 0.4% and 1.3%. Insurer $QBE Insurance Group Ltd (QBE.AU)$ edged 0.1% higher after reaffirming its annual guidance. The materials sector lost 0.1% as weakness among iron-ore stocks offset gains by gold miners. $Rio Tinto Ltd (RIO.AU)$, $BHP Group Ltd (BHP.AU)$ and $Fortescue Ltd (FMG.AU)$ slipped between 0.2% and 0.8% lower. The ASX 200 is now on its longest run of weekly gains since December.
Top News
UK exits recession with better-than-expected 0.6pc GDP growth
Britain's economy grew by a stronger-than-expected 0.6 per cent in the first three months of 2024, ending the shallow recession it entered in the second half of last year, official figures showed on Friday.
Investors urge caution as Rio Tinto eyes BHP's $40b Anglo bid
Rio Tinto should not challenge BHP for control of Anglo American, and should instead target smaller lithium and copper producers, a major investor says.
Energy stocks rally on oil price, China
Energy is the ASX's top-performing sector buoyed by the rising price of oil amid signs that China's economy is recovering.
Also supporting the oil price is an escalation in the Middle East conflict as Israeli forces bombarded areas of Rafah. US President Joe Biden threatened to withhold weapons from Israel if it assaults the southern Gaza city.
Life360's surprise tie with Hubble to be questioned
Life360's surprise news of a potential partnership and small investment in space-tech company Hubble will be scrutinised by shareholders.
Investors will likely seek to better understand the rationale, the cost to 360 and address governance issues arising from the transaction as Hubble is led by 360's co-founder board director Alex Haro," said RBC Capital Markets analyst Wei-Weng Chen.
Source: Dow Jones Newswires, AFR, ASX
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