The Australian share market bounced back from last week’s fall to rise 2.25% over the last five days, with the utilities and health care sectors leading the way.
The benchmark S&P/ASX 200 index had reached 5,699 points by the close of trade on Friday, making amends for last week’s 1.8% decline.
The index is now up 5.2% in 2015.
All sectors recorded gains this week, although it was the utilities and health care sectors that came out on top, rising 4.6% and 4% respectively.
ResMed was a stand-out performer, its shares jumping 6.4% following an earnings update on Friday.
Although the consumer discretionary sector rose by a relatively subdued 1.3%, one of its constituents, Myer, recorded a 5.5% rise on the news it’s planning to scrap around 100 brands and may reduce staff numbers. Shares in the retailer are still down more than 10% over the past three months.
In other parts of the market, financials rose 2.1%, property trusts climbed 3.7% and telecoms ended 1.8% higher.
The energy sector gained 3.3%, after its 3.5% slump a week earlier. Mining stocks also recovered, finishing 2.9% up.
“They were two of the hardest hit sectors over the prior week but a lot of those losses have been made up now,” said CommSec market analyst Steven Daghlian.
“Earlier in the week, the market had been watching the Fed’s [US Federal Reserve] two-day meeting.
“That ended up being somewhat of a non-event, although the central bank kept the door open for raising rates as early as September although it’s more likely it’ll be later.”
Meanwhile, China’s share market dropped sharply at the start of the week but stabilised thereafter.
“In the past few days, things have settled down with China so that has perhaps calmed some nerves. That’s made for some improvement over the broader Australian market,” said Daghlian.