ASX gains 1pc for week to snap three-week losing streak
The Australian stock market, ASX, gained 1% for the week, snapping a three-week losing streak. The gain came despite a 0.1% fall on Friday, as investors weighed shifting signals on a potential Middle East peace deal.
The ASX rose 1% for the week, its first gain since the Iran war began. The S&P/ASX 200 fell 9.40 points on Friday, but still ended the week up. The energy sector rose almost 20% since the conflict began, with Santos and Ampol gaining on Friday. Technology companies led losses, with NextDC and Codan down. The materials sector rebounded, with major miners like BHP and Rio Tinto gaining.
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