AU Evening Wrap: ASX Jumps, Ends the Week 1.7% Higher

The $S&P/ASX 200(.XJO.AU)$ climbed 1.3 per cent in broad gains on Friday after better-than-expected Chinese and US data boosted optimism about the health of the global economy. It ended the week 1.7 per cent higher.

Miners, from gold to lithium and iron ore, were the clear outperformers. Heavyweights $Rio Tinto Ltd(RIO.AU)$, $BHP Group Ltd(BHP.AU)$ and $Fortescue Ltd(FMG.AU)$ vaulted after the price of iron ore price jumped to the highest in six months.

$Qantas Airways Ltd(QAN.AU)$ shares trimmed earlier gains to be up 0.4 per cent at $5.61. They started the session 1.3 per cent higher, defying another blow by the competition watchdog. The ACCC has denied Qantas the right to tie up with China Eastern Airlines, saying the collaboration would give the airline too much power to drive up prices.

$Woodside Energy Group Ltd(WDS.AU)$ rose 1.3 per cent to $38.39. The oil and gas company delayed, again, a seismic survey for its $16.5 billion Scarborough LNG project in Western Australia after a Federal Court decision yesterday to grant an injunction on the start of the work.

$Ramsay Health Care Ltd(RHC.AU)$ edged up 0.2 per cent to $51.61 despite Fitch Ratings' credit downgrade to BBB- due to elevated debt levels.

Wholesale retailer $Metcash Ltd(MTS.AU)$ dipped 0.5 per cent to $3.7 after reporting a small 1.7 per cent gain in total group sales as the increased cost of living affected shoppers' behaviour.