The S&P/ASX 200 (ASX: XJO) finished Friday on a positive note, up 0.2%, delivering a weekly gain of the same amount.
For the day, only the materials and energy sectors finished lower, the latter on concerns of a boost in supply from Iran.
The consumer staples and healthcare sectors both ended more than 1.7% higher; CSL Limited (ASX: CSL) was a key contributor, finishing 2.2% higher.
Kogan canned
The pain continued to pile up during the week with some high profile growth companies seeing significant sell-offs as reality catches up to expectations.
Redbubble Ltd (ASX: RBL) fell another 4.4% but all eyes were on online marketplace and Amazon lookalike Kogan.com Ltd (ASX: KGN), which fell 14.3% after flagging ‘supply chain disruptions’ and downgrading earnings.
There was a lot of management speak, highlighting ‘supply chain inefficiencies’ and ‘inventory planning challenges’ caused by ‘market dislocations’.
But ultimately, it appears the company loaded up on too much stock following a bumper 2020 and is now struggling to sell it. The result is higher costs and weaker margins.
ASX weekly winners and losers
Across the week, EML Payments Ltd (ASX: EML) was the biggest detractor, falling 34.6% on regulatory concerns, with both Appen Ltd (ASX: APX) and Xero Limited (ASX: XRO) showing resilience from the tech sell-off to jump 19.4% and 13.1%, respectively.
ASX 200 today
The ASX 200 is heading towards a flat open on Monday according to the latest ASX futures. This comes following a mixed lead from US markets on Friday. For all the latest, check out Rask Media’s US stock market report.
