The S&P/ASX 200 (ASX: XJO) finished 0.1% higher on Friday as markets continued to digest the week’s change of heart from the Federal Reserve.
ASX tech shares back in favour
The IT sector overcame valuation concerns to jump 3.5% higher on Friday and 6.1% over the week, leading the market. The rise was driven by Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P), which finished 6.5% and 9.9% higher during the session alone and 18.5% and 14.6% higher over the week.
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Commodities tank
Commodities were the biggest detractors, down 2.9%, as the increasing probability of rate hikes saw the US dollar strengthen.
Copper producers including OZ Minerals Limited (ASX: OZL), down 10.8% for the week, were among the hardest hit after the Chinese government flagged concerns about prices getting out of control.
Woolworths making headlines
Woolworths Group Ltd (ASX: WOW) dropped 1.6% on a busy day for the company with the Fair Work Commission announcing an investigation into its underpayments and shareholders resoundingly approving the demerger of the Endeavour Drinks Group.
ASX healthcare sector improves
Elsewhere, the healthcare sector jumped 4.5% over the week, with the predominantly globally-facing companies like CSL Limited (ASX: CSL) and ResMed CDI (ASX: RMD) benefitting from an AUD that fell to its lowest level this year.
ASX 200 today
The ASX 200 is heading for a negative open on Monday following a negative lead from US markets overnight. For all the latest, check out Rask Media’s US stock market report.
