The S&P/ASX 200 (ASX: XJO) finished 0.3% lower on Friday, finishing the week down just 0.02%.
Behind the stagnant market was a growing level of divergence between industry performances.
ASX materials and mining continued to power ahead behind record results and all-time highs for Fortescue Metals Group Limited (ASX: FMG), BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) with the sector up 2.8% over the week.
The ASX banking sector was more mixed with Commonwealth Bank of Australia (ASX: CBA) the best performer before a 0.6% increase in National Australia Bank Ltd (ASX: NAB) shares after management announced a $2.5 billion on-market share buyback.
Redbubble, Marley Spoon & Origin Energy shares tumble
One of 2020’s most popular companies, e-commerce platform Redbubble Ltd (ASX: RBL) continues to struggle to meet expectations, falling 11.2% on Friday and over 17% for the week amid concerns of falling margins.
Food delivery service Marley Spoon AG (ASX: MMM) tumbled 21.5% on Friday after delivering sales growth of just 10% over the financial year.
Similarly, shares in utilities provider Origin Energy Ltd (ASX: ORG) fell 7.8% after writing down another $2.2 billion of assets due to continued weakness in electricity prices.
Crown Resorts Ltd (ASX: CWN) remains in the news for all the wrong reasons, falling 14.1% after paying $61 million in unpaid taxes to the Victorian government.
Property outperforms
Property was a rare winner on Friday, likely benefitting from weaker than expected ‘core’ inflation with the sector second best, adding 0.5% behind the likes of Vicinity Centres (ASX: VCX) and Scentre Group (ASX: SCG).
ASX 200 today
According to the latest SPI futures, the ASX 200 is expected to push higher when the market opens on Monday. This comes despite a negative lead from US markets, with all three benchmarks finishing in the red on Friday.
