Market rebound was led by materials and energy stocks on tracking stronger commodity prices, partially offset by weakness in technology and financial stocks.
At closing bell, the benchmark S&P/ASX200 index was up 34.58 points, or 0.5%, to 6,892.46. The broader All Ordinaries index advanced 38.73 points, or 0.55%, to 7,089.32.
The top performing stocks in S&P/ASX200 index were BLOCK INC. and CORONADO GLOBAL RESOURCES INC., up 10.9% and 8.6% respectively. The bottom performing stocks in S&P/ASX200 index were RAMELIUS RESOURCES and BLACKMORES, down 5.6% and 3.7% respectively.
Financials were weaker, with the big four banks National Australia Bank, ANZ Banking, Commonwealth Bank, and Westpac falling between 0.3% and 1%. The Reserve Bank of Australia on Friday downgraded the outlook for economic growth, warning that more rate hikes will be necessary to bring down sky-high inflation even as it strives to avoid an outright recession.
Energy stocks were higher on tracking stronger crude oil prices, with Beach energy gaining 0.4%, Origin Energy surging almost 2%, and Woodside Energy adding almost 1.5%.
Materials stocks gained as iron ore prices jumped on hopes that China would ease its strict COVID-19 restrictions and offer policy support to the economy. Shares of BHP Group, Fortescue Metals Group and Rio Tinto added between 0.3% and 0.7%.
ECONOMIC NEWS: The total value of retail sales in Australia was up a seasonally adjusted 0.6% on month to A$35.096 billion in September, the Australian Bureau of Statistics said on Friday. On a yearly basis, retail sales jumped 17.9%. For the third quarter of 2022, the value of retail sales rose a seasonally adjusted 0.2% on quarter and 10.0% on year to A$97.148 billion.
CURRENCY MARKET NEWS: The Australian dollar trading around $0.632 on Friday.
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