The Australian share market has risen for the seventh time in eight sessions. The S&P/ASX 200 index rose by 47.7 points or 0.7% to six-week highs. The ASX 200 has now lifted by 4.1% in January, more than offsetting the 3.4% loss recorded in December.

In overseas markets on Thursday investors celebrated data that showed a cooling of US inflationary pressures. The key US share indexes rose by between 0.3% and 0.6%. European markets lifted around 0.6% and the UK share market rose 0.9%, edging closer to record levels.

In Australia on Friday there were gains in 10 of the 12 industry sectors. Energy rose 1.5% and Consumer Discretionary rose by 1.4%. But Consumer Staples fell 0.5%.

Shares in Commonwealth Bank (CBA) contributed 6.7 points of the 48 point rise in the ASX 200 today. NAB (NAB), Westpac (WBC) and BHP (BHP) combined to provide 11.4 points. Coal producers posted solid gains on Friday in response to broker upgrades, higher coal prices and optimism of a reopening of the Chinese economy. Shares in New Hope

Corporation (NHC) rose by 5.1%. Shares in Life360 (360) rose by 11.1% after the company issued a business update. The year-end cash position met guidance for the 2022 financial year while subscription revenue also met guidance.

 

Top Australian Brokers

 

After falling by 10.7% on Thursday, shares of MA Financial Group (MAF) rebounded by 5% on Friday.

On Friday, 2.6 billion shares were traded, worth $6.4 billion. Overall 793 stocks rose over the session, while 538 fell and 432 finished unchanged.

In terms of economic data, the value of new home loan commitments fell by 3.7% in November but refinancing rose
9.1% to fresh record highs.

The US earnings season (profit-reporting period) starts later tonight (Friday). JPMorgan, Bank of America, Citigroup, Wells Fargo and Delta Airlines are set to report quarterly earnings. In terms of economic data, import and export prices are released with consumer confidence data

Originally published by Craig James – Chief Economist (Author), CommSec