Friday bounce back 🏀
The local sharemarket ended the shortened and volatile trading week on a strong note, more than erasing yesterday's steep losses. The S&P/ASX200 ended up close to 2.2% higher, but failed to make it back above the 7000 level. The blue-chips led the market higher with all sectors finishing in the green, led by consumer discretionary and staples. Wesfarmers, Coles and Macquarie Group among the leaders, while the goldminers again suffered with Newcrest falling more than 6%, disappointing the market with its quarterly update. Biotech shares shone with Imugene soaring after announcing a supply deal with drugmaker Roche, while Polynovo and Clinuvel also jumped. Australian tech stocks continue to mirror their US counterparts in the face of a more aggressive stance from central banks in fighting inflation.
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