The Australian Securities Exchange (ASX) continued its upward momentum heading into the weekend, with the S&P/ASX 200 rallying 105.60 points, or 1.34%, to 7,971.10 points.
The index crossed above its 20-day moving average, with all 11 sectors ending the week in the green.
Energy was the best performing sector, gaining 2.18% on Friday (16 August) and 1.57% for the past five days. Materials was close behind with a 2.14% shift up, followed by the financial sector, which advanced 1.60%.
The Australian Volatility Index continues to retreat, closing down 0.13 points, or 1.08%, to 12.14 points.
The index has lost 23.85% for the last five days, but has gained 8.09% over the last year to date.
Also known as the ‘fear’ index, the S&P/ASX 200 VIX (A-VIX) is a real-time volatility index that provides an insight into investor sentiment and expected levels of market volatility.
The ASX witnessed its sixth straight session of gains after data out of the US showed consumer spending increased more than expected and less workers were hitting the unemployment line.
Bank of America is predicting this will provide enough of an incentive for the US Federal Reserve to cut interest rates by 25 basis points in September and December.
Uranium explorer Deep Yellow (ASX:DYL) and copper producer Sandfire Resources (ASX:SFR) made the top movers today, both ending the week around 6% higher.
Meanwhile, gas explorer Strike Energy (ASX:STX) found itself in the bottom performers, sliding 2.8% to end the week.
Mining contractor NRW Holdings (ASX:NRW) joined the list of 90-day average volume outliers, with a 197% surge over the period.
Shares rose further this week on NRW’s financial results, which showed a revenue increase of 9.2% year-over-year to $2.9 billion and a 15.9% increase in earnings to $334.8 million compared to the prior financial year.
Over the last five days, the S&P/ASX 200 index has gained 2.39% and is currently 3.48% off its 52-week high.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: ASX and iStock
