On Friday, the ASX 200 index ended the week with a gain of 0.23%, finishing at 7,309.20.
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The index made a recovery after five days of consecutive losses and ended up in the green zone. Even though concerns over economic weakness persisted, upbeat corporate earnings in the U.S. boosted overall sentiment.
Among the sectors, the real estate index was the top performer and gained 1.1%. The other sectors that ended in the green zone were financials and materials, gaining 0.6% and 0.5%, respectively. On the other hand, the healthcare sector was down 1%.
Investors have a lot to look forward to in the week ahead, as the country’s central bank is scheduled to announce an interest rate decision, and a federal budget is also on the horizon.
According to Henry Jennings, a senior analyst and portfolio manager, “Inflation seems to have peaked, and we’re very, very close to the peak in interest rates, so it wouldn’t be surprising if the RBA decided to pause.”
Top Movers of the Day
Megaport Limited’s (AU:MP1) share price claimed the top spot on Friday, soaring by a remarkable 41.46% following the company’s improved full-year guidance. The software company posted high-growth numbers in its third-quarter report, with revenues up by 38% and monthly recurring revenue up by 48% on a year-over-year basis.
Shareholders are excited about the numbers after facing a crippling decline of 35% earlier this year.
In the materials sector, Pilbara Minerals Ltd. (AU:PLS) gained more than 7%. Despite the lithium mining company announcing a significant drop in lithium prices in its third-quarter update, the shares experienced a surge today.
The data services company Appen Ltd. (AU:APX) was up by 5% today, driven by a positive outlook for demand for its AI data services.
On the other hand, Labyrinth Resources Ltd. (AU:LRL) was down 20% during the day.
