At closing bell, the benchmark S&P/ASX200 advanced 30.05 points, or 0.45%, to 6,678.01. The broader All Ordinaries index gained 40.06 points, or 0.59%, to 6,876.97. For the week, the ASX200 gained 2.1% - its best performance since mid-March.
The top performing stocks in this index were LIFE360 INC. and ST BARBARA, up 14.3% and 9.6% respectively. The bottom performing stocks in this index were SKYCITY ENTERTAINMENT and ORORA, down 6.5% and 5.9% respectively.
Total 8 of 11 sectors ended higher along with the S&P/ASX 200 Index. Energy was the best performing sector, gaining +2.1% followed by materials (up 1.2%) and utilities (up 1.1%), while telecommunication was the worst performing sector, down 0.6%, followed by financial (down 0.2%).
Energy stocks surged after oil prices rebounded from a two-day decline. Woodside Energy and Santos strengthened 3.4% and 3.1%, respectively.
Mining stocks as iron ore prices in China climbed. Rio Tinto, Fortescue Metals, and BHP Group rose 2.4% to 3.7%.
Tech shares were higher on tracking gain in their US peers. Xero and Computershare firmed 1.5% and 0.8%, respectively.
Among individual shares, Vulcan Energy Resources jumped as much as 11.4%, after signing a deal with the renewable energy arm of Italian electricity producer Enel SpA.
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Magellan Financial (MFG) shares shed 3.0% after release of funds-under-management (FUM) update, outlining a 5.7% decrease in its total FUM over May (13.7% over the quarter) to $61.3 billion. This comprised of a monthly 5.6% drop in its institutional FUM to $39.1 billion and a monthly 5.9% fall in its retail FUM to $22.2 billion.
Gold miner St Barbara (SBM) has climbed 9.6% on the back of a well-received quarterly update. In the update, SBM said that it met its guidance after posting a 40% quarterly increase in its gold production, and a 24% quarterly increase in its cash balance to $98 million.
CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 106.847. The Australian dollar was at $0.6807.
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