Mining and tech rally lifts ASX 200 by 87 points to end week higher

Mining and technology stocks have rescued the ASX 200 from a bruising week, with the benchmark index jumping 1 per cent.

The benchmark ASX 200 jumped 87.00 points or 1.00 per cent to 8806.70, while the broader All Ordinaries climbed 100.00 points or 1.13 per cent to 8940.40.

Australia’s dollar firmed against the greenback to buy 69.41 US cents.

Despite the strong day of trading, just six of the 11 sectors finished higher with technology and materials bouncing from Thursday’s falls.

WiseTech Global soared 9.01 per cent to $37.61, Codan shares rallied 3.64 per cent to $62.90 and Technology One climbed 4.31 per cent to $31.91.

Mining giant BHP also jumped 3.50 per cent to $60.03, Rio Tinto added 1.46 per cent to $154.93 and Fortescue finished up 1.13 per cent to $15.19.

Vaccines giant CSL rallied 2.84 per cent to $192.20, Sigma Healthcare jumped 1.42 per cent to $2.85 and Pro Medicus soared 7.43 per cent to $175.73.

Offsetting against the gains were falls in consumer staples and financials.

Supermarket giant Coles gave up some of Thursday’s gains to decline 1.52 per cent to $23.90, while Woolworths slid 0.19 per cent to $41.20.

Over the last week, US and Korean technology companies have been hammered due to increased competition out of China, adding to investors woes.

On Friday, Japan’s Nikkei 225 added 1.90 per cent, while the tech heavy Korean Kospi advanced 4.07 per cent.

AMP economist My Bui said Australian shares were up while global shares were down due to fears in the technology sector.

“The ASX 200 finished the week slightly up, having already underperformed in previous weeks, and also likely because rate hike probabilities were cut back,” she said.

”Australia saw similar sector rotations to global markets, with sharp declines in IT and industrials offset by gains in consumer staples, healthcare, energy, and financials.”