ASX 200 rises to post best week in 13 months; Block surge continues

ASX stronger on energy and tech to post strongest week in 13 months. Liontown and Block soar, Star to remain silent on allegations and Megaport dives on Slattery sale.

Stocks have climbed this week despite central banks in the US and the UK raising interest rates to combat inflation. Picture: Nikki Short / NCA NewsWire

Welcome to the Trading Day blog for Friday, March 18. The Australian sharemarket rises for a third day on energy and tech stocks to post its best week in 13 months.

 

The S&P/ASX 200 index powered home in the final minutes of Friday's session to close 0.6 per cent higher to 7294.40.

In the US, the Dow Jones index jumped 1.2 per cent as did the S&P 500 index while the Nasdaq index closed up 1.3 per cent.

Stocks were broadly higher in Europe with the UK’s FTSE 100 climbing 1.3 per cent after the Bank of England raised interest rates to 0.75 per cent to combat surging inflation. Asian markets saw strong gains led by a 7 per cent jump in Hong Kong's Hang Seng.

Among commodities, crude oil jumped 9 per cent to $US103.52 a barrel after Russia rejected a ruling from the United Nation’s highest court to suspend its invasion of Ukraine. Iron ore climbed 1 per cent to $US146.90 per tonne.