Markets live, Friday April 29, 2022

The ASX 200 continued its rebound on Friday with all sectors rising, but it was not enough to erase a second week of losses for the stock exchange with miners, tech and energy shares all lower over the past five days.

The ASX 200 closed at its high point for the day, up 1.1 per cent, or 78.1 points to 7345. All sectors finished higher, led by tech stocks, following a big rally on Wall St overnight.

The tech sector was up more than 1.8 per cent, but finished the week 2 per cent lower while miners and the energy sector were also down more than 1 per cent for the week.

Despite a second week of losses the Australian share market is seen as a safe haven for global investors.

Despite a second week of losses the Australian share market is seen as a safe haven for global investors. Credit:Louie Douvis

Randal Jenneke, head of Australian equities at T. Rowe Price, said the market’s performance this week does not disguise Australia’s relative attractiveness for foreign investors with US markets facing inflation worries and the Ukraine war weighing on European markets.

“We believe the strong commodity price environment, high level of domestic savings and tight labor market will help provide support to the economy,” he said.

“The recent surge in prices across the commodity complex, from agriculture to metals, provides a large uplift to our terms of trade.“

The Australian equity market’s earnings outlook has also improved – relative to peers.

“These factors combined with the relatively stronger economic outlook have driven an increased allocation to Australia from global asset allocators, who are for the first time in many years increasing their weighting to the Australian equity market,” Jenneke said.

Some of the big movers on Friday included online retailer Kogan which sunk below $4 to a 3 year low after reporting a downbeat start to the new financial year. The company’s sales went backwards and the business swung to a loss as consumer demand wanes.

PointsBet shares lead the gains for the ASX 200 and were up as much as 15 per cent after the online bookmaker revealed strong quarterly turnover growth, driven by its expanding US operations.

Origin Energy shares rose after reporting that it more than doubled revenue from liquefied-gas exports in the past three months as it rode a wave of climbing commodity prices.

Resmed shares dropped more than 4 per cent after the group said a semiconductor chip shortage will put a lid on the gains the company can gain from a recall at major competitor Philips.

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