ASX delivers best week since March as tech stocks rally

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Australian shares rallied to their best week in four months, closing up 2.8 per cent as tech stocks rebounded. Shares closed 0.04 per cent lower on Friday.

Bank stocks benefitted from a continued rebound in the US banking sector and after Westpac increased its fixed and variable rates. CBA added 3.7 per cent to $97.8 over the week, NAB added 4.1 per cent to $29.9, while Westpac gained 4.8 per cent to $21.1.Advertisement

The weekly rally has not changed the view of Diana Mousina, senior economist at AMP Investments, who said the risk is “of more downside to equities until there are clearer signs that inflation has peaked and until economic data troughs”.

 

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