After a cold, dark month of September (and part of August … and a bit of October), large cap ASX resources stocks found a bit of shine in Friday trade.

The ASX 200 Materials index led gains amid steady demand across local markets on Friday, after US stocks rose following a long-awaited extension to the fiscal debt ceiling by lawmakers in Washington.

Information Technology stocks also continued their stellar run since Tuesday’s selloff, with no major sector trading in the red.

On global markets, attention will now turn to US jobs data tonight — which could affect the pace at which the US Federal Reserve embarks on its policy tightening initiatives.

BIG CAP WINNERS

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Financial services heavyweight Magellan Group (ASX:MFG) bounced off recent lows to close near $34 — down from 2021 highs above $55 in July.

$1bn market cap gold play West African Resources (ASX:WAF) rose by almost 9% on Friday, rounding out a weekly again of more than 25% after updating the market on its September quarter gold production numbers on Monday.

Online retail group Temple & Webster (ASX:TPW) was also a solid mover, up 4.8%.

Among stocks with news, Sandfire Resources (ASX:SFR) –which operates the DeGrussa copper-gold mine in WA — rose by 5.1% following the release of its 2021 annual report.

BIG CAP LOSERS

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Large cap falls were led by EML Payments (ASX:EML), which provided an update on its recent dramas with financial regulators in Ireland after markets closed yesterday.

Shares in EML fell by more than 10% at the opening bell this morning, after regulators proposed limits on certain aspects of the operations of the company’s subsidiary, PFS Card Services.

Another laggard was $2bn biopharmaceutical company Clinuvel Pharmaceuticals (ASX:CUV), which lost 3.5% following the release of its annual report.