Market Wrap / mining momentum while tech teeters

The Australian sharemarket rounded out the week with its biggest gain in over three weeks. Erasing a week which saw the S&P/ASX200 finish in the red for the majority, the index climbed 1.23% to 8,697.30 points. 

Shares in Austal fell 3% as Treasurer Jim Chalmers gave the greenlight for South Korean conglomerate Hanwha to take a 19.9% stake in the shipbuilder. 

In other company news, Scentre Group announced a new Dexus managed fund will buy a 25% interest in Westfield Chermside in Brisbane for $683-million dollars. SCG rose 1% while DXS fell 0.7%. 

The materials sector was a standout, rising 2%. Heavyweight BHP rose 1.1% while Evolution Mining climbed a staggering 4.2% on a day where gold miners shone.

The big four all finished in the green with CBA producing the largest gains of 2.1%. NAB shares rose 1.8% following its AGM where CEO Andrew Irvine announced that productivity reforms are needed with a focus on longer term growth. And ANZ was up 1.2% on a day when former CEO Shayne Elliott announced he would sue his former employer over unpaid bonuses.

Among the laggards, Guzman y Gomez dropped 2.6% as JPMorgan ceased to hold a substantial position in the fast food restaurant chain. 

In the smaller end of town, newly listed Carma posted $7.5 million in retail revenue for September. Shares finished the day's trade down 4.3%.