ASX ends week higher on global growth hopes

The Australian dollar benefited from not only the lift in bond yields but also gains in commodity markets, jumping as high as 69.38 US cents, a level last seen in late July. The Chinese yuan increased to four-month highs as the prospect of tariff cuts negated the need for a weaker currency.  The euro also fell sharply against the pound, hitting a low of 82.78 pence, its weakest level since July 2016.

The S&P/ASX 200 index closed 30.8 points higher on Friday at 6739.7 points, a one-day gain of 0.46 per cent and a one-week gain of 0.5 per cent.

Trading was heavy in the banks with Commonwealth Bank rising 0.4 per cent, Westpac rising 1.6 per cent, Australia and New Zealand Bank rising 2 per cent, and NAB rising 1.4 per cent.

BHP Group gained 1.9 per cent, Rio Tinto gained 1.6 per cent, and BlueScope Steel gained 5.2 per cent. However, gold miners dived with Silver Lake Resources falling 9.2 per cent, Evolution Mining falling 7.8 per cent, Gold Road Resources falling 7 per cent.

Lynas Corp closed 8.8 per cent higher at $2.58 on expectations it could win a US defence contract, although it briefly halted trading to confirm it has not yet won the tender.


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