Market Close 7 Jan 22: Buyers step up a day after the worst ASX decline in 16 months

The local sharemarket ended higher on Friday, recovering from yesterday’s 2.7% decline, the biggest fall in 16 months. Today’s session started on a strong note despite an unconvincing performance from US markets overnight. Local buyers pushed the market up as much 1.7% in early trade - a strong overnight rally in oil and iron ore paved the way for a similar performance from the materials and energy sector, which added 1.2% and 2.2% respectively. At the close, the ASX200 finished up 1.3%, or 95 points to 7453. 

This report is approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814 (CommSec) a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 (the Bank), and a market participant of ASX Limited and CHI-X Pty Limited, a clearing participant of ASX Clear Pty Limited and a settlement participant of ASX Settlement Pty Limited. Any advice contained in this report is general advice only and is not a recommendation to buy, sell or hold any securities, property, real estate or financial products, and has been prepared without taking account of the objectives, financial or taxation situation or needs of any particular individual. Before making any investment decision, you should consider your own investment needs and objectives and consider seeking financial advice. Past performance is not a reliable indicator of future performance. This report is produced by Commonwealth Securities Limited based on information available at the time of publishing.  We believe that the information in this report is correct and any opinions, conclusions or recommendations are reasonably held or made as at the time of its compilation, but no warranty is made as to accuracy, reliability or completeness.  To the extent permitted by law, neither the Bank nor any of its subsidiaries accept liability to any person for loss or damage arising from the use of this report.