The S&P/ASX 200 (ASX: XJO) overcame another 8% fall in the iron ore price to deliver a 0.4% gain on Friday, ultimately taking the weekly increase to 2%.
News Corp charges ahead
Afterpay Ltd (ASX: APT) capped off an incredible week with another 5.5% gain but it was all about News Corp (ASX: NWS) on Friday, which jumped 7.9% after reporting its most profitable quarter since its restructure.
Revenue rose 4% to US$9.36 billion for the quarter, sending profit 30% higher to US$389 million, a significant improvement from the US$1.5 billion loss in the year prior.
The group has managed to navigate the end of traditional media by moving to digital with Dow Jones and Foxtel powering ahead and as advertising revenue recovers.
REA reports
REA Group Limited (ASX: REA), which is majority-owned by News Corp, had a weaker day after also reporting FY21 results.
The REA share price fell 4.7% despite the group delivering a 13% increase in revenue to $927.8 million as a huge residential property boom continues to support volumes and transactions. Earnings improved 19% to $556 million.
ResMed benefits as competitor struggles
ResMed Inc (ASX: RMD) was flat after reporting a 12% increase in quarterly revenue as it benefitted from a major competitor being forced to recall their main product.
ASX weekly movers
Across the week it was all about technology, with Afterpay’s deal with Square (NYSE: SQ) sending the Afterpay share price 36.6% higher and bringing Zip Co Ltd (ASX: Z1P) along with it, jumping 16.4%.
The result was a 13.7% weekly increase in the tech sector alone.
ASX materials were the primary detractor as hopes of another commodity supercycle were dashed as prices began returning to normal. The sector fell 1.9% with Fortescue Metals Group Limited (ASX: FMG) down 7.6%.
ASX 200 today
Looking ahead, the ASX 200 is expected to open higher on Monday. This comes following a mixed lead from US markets on Friday as quarterly earnings season continues.
ASX reporting season is set to ramp up this week, with the likes of Transurban (ASX: TCL) and Suncorp (ASX: SUN) kicking things off today. To find out when your ASX companies are going to report, make sure to bookmark Rask Media’s ASX reporting season calendar.
