Inflation concerns have kept equity markets volatile in recent weeks as high readings could revive talk of an early tapering by the U.S. Federal Reserve, which will release new inflation data on Friday.
Synopsis
The S&P/ASX 200 index ended 0.5 per cent higher at 7,014.2, after three days of heavy losses. For the week, it ended 0.9 per cent lower, its biggest weekly drop since Feb.26.
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Energy stocks led gains on the benchmark, finishing 1.7 per cent higher after shedding nearly 2 per cent over the week.
Australian shares ended higher on Friday, led by gains in banks and energy stocks, tracking an overnight Wall Street rebound, but the benchmark index posted its biggest weekly drop in 11 weeks. The S&P/ASX 200 index ended 0.5 per cent higher at 7,014.2, after three days of heavy losses. For the week, it ended 0.9 per cent lower, its biggest weekly drop since Feb.26.
Australia shares snap 5-day winning run on tech slide, weak earnings
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Last Updated: Apr 20, 2021, 01:30 PM IST
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Synopsis
The S&P/ASX 200 fell 0.7 per cent to 7,017.80, its worst session since March 30. All sub-indexes ended in negative territory.
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Tech stocks fell 1.2 per cent, dragged by Altium Ltd which was down the most at 5.2 per cent.
Australian shares snapped a five-day rally on Tuesday as tech stocks tracked an overnight decline in U.S. markets, and earnings-driven losses in fund manager Challenger and rare earths miner Lynas weighed. The S&P/ASX 200 fell 0.7 per cent to 7,017.80, its worst session since March 30. All sub-indexes ended in negative territory.