Mining majors help Australian bourse to cap off another positive week

The Australian Securities Exchange (ASX) has marked off its best-performing week in some time while the tech-heavy Nasdaq rose 1.6% to a new high for the year.

The benchmark S&P/ASX200 closed up Friday, gaining 56.20 points or 0.78% to 7,303.10 and crossing above its 125-day moving average.

Over the past 5 business days, the index has gained 3.70% and is currently 3.50% off of its 52-week high.

Over the past 5 business days, the index has gained 3.70% and is currently 3.50% off of its 52-week high

Ten of 11 sectors are higher over the past week, along with the S&P/ASX 200 Index. Utilities was the best performing sector, gaining +0.87% and +1.90% for the previous 5 days.

Paladin Energy (ASX:PDN) was the only miner in the S&P/ASX 200 top 5 to close Friday trade, rising 3.973% to $0.785.

However, the mining majors helped lift the ASX into overall positive territory, amid a rising iron ore price. BHP (ASX:BHP) rose 1.766% to close Friday at $45.52, while Rio Tinto (ASX:RIO) gained 1.552% to $119.02, and Fortescue Metals Group (ASX:FMG) was up 1.379% to $22.79.

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