ASX rallies on resources; Bega soars on price hikes, Qantas extends gains, Zip dives on 'cash burn' warning

ASX ends a five-week winning streak despite Friday's strong rally. Bega soars on price hikes, Zip dives on 'cash burn' warning and resources the top sectors.

More earnings updates and outlook commentary are keeping investors busy. Picture: David Swift

Welcome to the Trading Day blog for Friday, August 26. The Australian sharemarket enjoyed widespread gains across most sectors with just communication services in the red.

The S&P/ASX 200 advanced 0.8 per cent, or by 55.98 points to close at 7104.10. For the week, the benchmark index snapped a five-week winning streak to end 0.2 per cent lower.

On Wall Street, the Dow Jones Industrial Average closed 0.9 per cent higher, while the S&P 500 index gained 1.4 per cent and the technology-focused Nasdaq Composite Index ended 1.7 per cent stronger.

It's a wait and watch on Fed Reserve chairman Jerome Powell’s speech at Jackson Hole in Wyoming for clues about the central bank’s policy outlook.

US 10-year bond yields fell to 3.03 per cent and the 2-year yield was lower at 3.37 per cent.

Oil prices fell with the global benchmark Brent crude down 1.9 per cent to $US99.34 per barrel while the US Nymex crude slid 2.5 per cent to $US92.52 per barrel.

Iron ore futures are 0.2 per cent weaker to $US104.96 per tonne.

The Aussie dollar is around US69.80c near the US close.