ASX 200 posts third best session for 2022; Block, CSL and Macquarie post strong gains

ASX posts its third best session for 2022 as tech stocks lead charge. Block jumps 15 per cent as IGO lags, BGH extends Virtus offer, Star director to quit and bitcoin leaps.

Trading is expected to remain volatile as markets grapple with the prospects for higher interest rates. Picture: Jenny Evans / Getty Images

Welcome to the Trading Day blog for Friday, May 13. The Australian sharemarket posted its third best session of 2022 with all sectors climbing led by a strong recovery in tech stocks.

The S&P/ASX 200 index gained 1.9 per cent or 134.07 points to close at 7075.10. It was however the fourth consecutive week of losses, with the benchmark index dropping 1.8 per cent this week. 

The Dow Jones Industrial Average closed down 0.3 per cent and the S&P 500 fell 0.1 per cent, after being down almost 2 per cent earlier.  The tech-heavy Nasdaq finished 0.1 per cent higher, as bargain hunters stepped in after days of selling.

Among commodities, US Nymex crude oil was trading 1.1 per cent higher to $US106.85 a barrel while iron ore fell 3 per cent to $US130.16 a tonne overnight.