Market Close 09 Aug 24: Strongest gains of the week for Aussie stocks

CommSec Market Update

The Australian stock market ended the week on a positive note, with a 1.3% rise on Friday, partially recovering from a rough start earlier in the week which saw our largest declines in 4 years. The recovery was bolstered by gains across all sectors, especially tech and materials, and positive influences from U.S. markets and Chinese inflation data. Notable stock movements included a sharp rise in Life 360 after strong earnings, and a decline in Neuren Pharmaceuticals following less-than-expected results. Despite Friday's rally, the market still posted its worst weekly decline in over three months, as global economic concerns, particularly from Japan and the U.S., weighed heavily throughout the week. Looking ahead, a busy week awaits with key economic updates and the continuation of the profit reporting season.

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