Market report: ASX posts strong week following robust economic data

The Australian Stock Market finished up for the week today, ending several weeks of losses, as investors warmed to the positive outlook for the local economy.

In addition to some very positive results from the tail end of the reporting season, Treasury figures released this week showed that retail spending and construction approval were well up, leading analysts to declare that the Australian economy was in fine health.

Investors were also buoyed by unexpected good news out of the US where housing approvals and retail sales were also up with a decline in jobless figures. This news helped to lift major Asian bourses into positive territory today for the third day in a row.

Locally the benchmark S&P/ASX200 was up 8.5 points, or 0.2 per cent, at 4541.2, while the broader All Ordinaries index had risen 14.6 points, or 0.3 per cent, to 4577.6.

For the week, the ASX200 rose 3.9 per cent - its first weekly advance in a month and the biggest increase since the last week of August 2009.

The S&P/ASX Health Care Index rose roughly in line with the broader market, gaining 3.8 percent to finish the week at 8314.9 points.

Looking at the market today, the majors ResMed and Cochlear were both up 2.14 and one percent respectively. Market leader CSL was however a tad weaker, down 10 cents to $33.10.

Sigma Pharmaceuticals was among the heaviest traded stocks today, with 3.48 million shares changing hands. It lost a cent to close at $0.475. Winner of the day was cardio specialist Atcor Medical Holdings which rose 9.52 percent to close at $0.115. Loser of the day was diagnostic and biomarker specialist Healthlinx which shed 18.1 percent to close $0.086.