The ASX200 closed up 1.25% at 7777.7 points, completing the second green session in a row.
It has been a volatile time, and the market has finished the week by clawing back some, but not all, losses from the previous 5 sessions.
China’s latest inflation data showed the fastest rate of growth in five months and this helped to lift sentiment on Asian markets today.
Unlike many developed economies, China’s been in deflationary territory for several consecutive quarters, and this has negatively affected the Australian economy. Most commodities went green after the data was released.
All sectors finished the week in positive territory, with IT leading up 3% followed by Real Estate 2.5% and Materials around 1.9%.
In the Green
Renergen (ASX:RLT) spiked up more than 37% on news its liquid helium production train is now fully operational.
The Company has taken over complete operational control of the phase 1 plant from the original equipment manufacturer (OEM) who has departed South Africa.
The plant has been producing liquid helium since July 19.
Renergen closed at 99 cents.
Trek Metals (ASX:TKM) closed up more than 11% after its major drilling program started at Christmas Creek.
The high-impact 8,000m RC drill program targeting gold and rare earths is located in WA’s Kimberley and there are four high-priority gold prospects.
Trek Metals closed at 4 cents.
REA Group (ASX:REA) closed up more than 6% on the release of its annual results.
The company booked a 23% increase in revenue to $1.45 billion and a 27% lift in earnings to $825 million. This beat consensus estimates and facilitated a 20% increase in dividend to $1.89 per share.
REA Group finished the session at $202.36.
In the Red
Neuren Pharmaceuticals (ASX:NEU) shares dipped more than 5% as the market sold off the stock following results from its latest clinical trial of its drug to treat Angelman Syndrome.
Most children in the trial responded to the company’s experimental drug were described as minimally improved.
Neuren Pharmaceutical closed at $16.15
Pacific Smiles Group (ASX:PSQ) closed down more than 4% after the $327 million buyout proposal by private equity firm Crescent Capital failed.
The deal was voted down by shareholders and triggered a collapse in the stock over the last two sessions. The founder of the company Dr Alex Abrahams voted against the proposal.
Pacific Smiles Group closed at $1.79.
TG Metals (ASX:TG6) retreated more than 14% after confirming its latest drilling in WA returned high grade lithium. The company highlighted a best hit of 2.68% lithium oxide.
Reverse circulation drilling at the project sunk 19 holes for 3,450m, and multiple assays returned high grade samples of lithium.
TG Metals finished the week at 12 cents.