The S&P/ASX 200 index closed 92.4 points higher, or 1.13%, on Friday. Expectations of a possible easing of the China - US trade impasse drove the index to its best weekly performance in nearly two years and to a two - month high. The statement by the Ministry of Commerce that it is "evaluating" the request from US trade officials to launch trade negotiations further boosted investor confidence.
S&P/ASX 200 Index Rises on Trade Talks Hope
The S&P/ASX 200 index closed 92.4 points higher, or 1.13%, on Friday. Expectations of a possible easing of the China - US trade impasse drove the index to its best weekly performance in nearly two years and to a two - month high. The statement by the Ministry of Commerce that it is "evaluating" the request from US trade officials to launch trade negotiations further boosted investor confidence.
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The energy sector (+2.0%) led the market rebound, followed closely by the defensive sectors of healthcare (+1.9%) and consumer staples (+1.7%). Uranium stocks continued their recent strength, with Boss Energy (BOE) (+5.3%), Bannerman Energy (BMN) (+4.1%) and Paladin Energy (PDN) (+2.8%) standing out. These performances indicate a positive market sentiment towards related industries.
However, Block (XYZ) plunged 26.7% due to its poor performance guidance, and Corporate Travel Management (CTD) tumbled 10.0% due to its unfavorable market update, becoming the main drags on the market. Despite the overall upward trend, the poor performances of individual stocks still have a certain impact on the market. Nevertheless, the overall market trend is still dominated by the optimistic expectations of trade negotiations, and the future market trend will continue to be affected by the progress of trade negotiations and the performance of various companies.
