SYDNEY, AAP – A broad-based rally has ensured a strong finish to the first week of ASX trade in 2022.

The market gained 1.29 per cent on Friday after stocks were hammered the previous day due to fears of earlier US rate hikes.

Energy and financials were the top performing categories in the latest session.

The benchmark S&P/ASX200 index closed up 95 points, or 1.29 per cent, to 7453.3 points.

The All Ordinaries index closed higher by 95.1 points, or 1.24 per cent, to 7774.4 points.

The Australian dollar was buying 71.59 US cents at 1619 AEDT, lower from 71.73 US cents at Thursday’s close.