The local market appears Teflon-coated, powering to a fifth consecutive gain on continued buying in materials and energy names. The S&P/ASX 200 lifted 0.5%, closing at 7151 points. Rumours China is seeking to secure key commodity supplies, along with speculation the government may soon abandon its zero COVID policies, saw commodity prices spiral higher yet again, led this time by iron ore and coal. Headlines suggesting China’s crackdown on property developers has come to an end only added to the bullish mood. The energy sector surged 2.6%, closing highs not seen since February 2020. Materials also added 2.6%, taking its gain over the week to 8.6%. At the other end of the spectrum, staples and healthcare struggled, falling 2.3% and 1.3% respectively, the former impacted by the supermarket giants trading ex divided.

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