THE market finished the week at 5305.45, up 193.69 points from the previous week's close of 5111.76.
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On Friday's trade the All Ordinaries finished up 12.15 points or 0.22 per cent.
On Monday, energy stocks led the declines for ASX sectors, with the sub-sector losing more than eight per cent for the week prior compared with 3.5 per cent for the broader market. A litany of factors continues to confront operators in the sector.
One of the latest influences has been a report from OPEC. According to the energy cartel, global oil inventories in developed economies are at 10-year highs. Stockpiles are 210 million barrels higher than their five-year average, as supply growth continues to outpace demand.
On Tuesday, gains from banks helped boost the market, with the financial sector rising 2.3 per cent. The Commonwealth Bank (CBA) was the best of the big four, surging 3.1 per cent. Westpac completed its $3.5-billion capital raising by selling the $22.7 million shares left over from its rights issue. WBC shares gained 1.9 per cent.
On Wednesday, Virgin Australia (VAH) shares outperformed the market, recording a 1.1-per-cent gain. The budget airline said it’s on track to return to profit. It has also unveiled plans to increase capacity on its trans-Tasman routes.
On Thursday, all 12 sectors of the market finished higher, with half rising by more than two per cent. Banks remained standouts, surging by 2.2 per cent.
Mining and energy stocks continued to be the market’s most volatile. Resource stocks rose 2.2 per cent after slipping 1.5 per cent on Wednesday. BHP hosted its annual meeting with investors and rose 3.1 per cent. There have been question marks about the sustainability of its 8.2 per cent yield.
At the close of weekly trading, the gold price finished at $1077.30 an ounce, the WTI oil price traded at $41.52 a barrel, and the Australian dollar was worth US $0.72.
In the US on Friday night, the Dow Jones finished up 91.06 points to end the week at 17,823.81. This result has caused the Share Price Index (SPI) to move down five points to 5259, which should lead to a negative start to today's trading.