The S&P/ASX 200 (ASX: XJO) broke 7,300 points for the first time, ultimately finishing up 0.5% on Friday and 1.6% for the week; three consecutive records.
On Friday it was 4×4 parts supplier ARB Corporation Limited (ASX: ARB) and Origin Energy (ASX: ORG) leading the way, jumping 6.3% and 5.4%, respectively. ARB is clearly benefitting from a lack of supply of new vehicles and closed borders ensuring tourism stays at home.
Energy leads the week
Over the week the IT sector was the only detractor, falling 1.1% with both energy and utilities, up 8.5% and 5.8% each, the biggest contributors to the record finish.
The catalyst was the combination of an improving economic outlook and positive comments from OPEC+. Energy companies led the weekly gains, with Origin up 15.7%, Worley Ltd (ASX: WOR) up 15.6% and Santos Ltd (ASX: STO) up 12.2%.
Once again, recently-listed data analyst Nuix Ltd (ASX: NXL) led the falls, down 23.2% in just five days.
Nuix share price chart since listing
The Reject Shop downgrades
The Reject Shop Ltd (ASX: TRS) was among the biggest losers on Friday after the company flagged significant concern in its earnings outlook.
Foot traffic to CBD stores has struggled as anticipated, but even shopping malls have been lower than expected with management flagging a fall in like-for-like sales of 1.4% on 2019, not 2020, numbers.
Earnings are now expected to be between $8 and $10 million. The Reject Shop share price fell 6.3% for the day.
ASX 200 today
The ASX 200 is expected to edge higher when the market opens on Monday. This comes following a positive lead from US markets on Friday, with the Nasdaq jumping 1.5%. For all the latest, check out Rask Media’s US stock market report.
