• ASX ends Friday 0.74% higher, and the week 1.57% higher
  • Lithium stocks rebound today after the plunge yesteday
  • Tech sector is up 4.5%

 

Local shares closed up by 0.35% on Friday, and ended the week 1.20% higher as the ASX rebounded from its worst week in two years.

The Tech sector was the main driver for the bourse today, jumping up by 4.5%. Sector heavyweights like Megaport (ASX:MP1) and Novonix (ASX:NVX) surged by more than 10% as investors moved to buy quality names on the dip.

The Energy sector meanwhile lost 2% as oil prices continue to slide this week on recession fears.

The commodity space has begun to price in a recession outcome. Copper prices, a barometer often used to gauge the health of the global economy, continued to plummet overnight.

“The US Federal Reserve is tightening aggressively. Holding copper’s getting expensive. The commodity world’s flagship is under fire,” Tom Price, an analyst at Liberum, told FT.

Meanwhile, ASX lithium stocks bounced back today after being hammered in yesterday’s trading.

The sector turned positive possibly because the automaker Stellanis’ has committed to a “world first” $76m investment into Vulcan Energy (ASX:VUL). You can read all about that deal here.

US Fed Chairman’s statement to Congress last night seemed to have little impact on the ASX.

On the second day of his congressional hearings, Powell said achieving the Fed’s goal of an economic soft landing will be “very challenging.”

But he also said that the US, unlike other countries, has “a very strong economy” and Fed policymakers “have tools to deal with demand”.

“I remain unconvinced that inflation will magically just stop in its tracks just because Mr Powell mentioned the word recession,” said Oanda analyst Jeff Halley.

 

BIG CAP WINNERS

Swipe or scroll to reveal the full table. Click headings to sort.

Latitude Group (ASX:LFS) was the best performing large cap today, up 18% on no specific news.

Lithium stocks Lake Resources (ASX:LKE) was up 13% while Liontown Resources (ASX:LTR) rebounded 9% on dip buying.

Big tech stocks like Xero (ASX:XRO) and Wistech (ASX:WTC) rose 7%.

 

BIG CAP LOSERS

Swipe or scroll to reveal the full table. Click headings to sort.