The S&P/ASX 200 (ASX: XJO) finished at another record high on Friday, gaining 0.5% as the positive sentiment from ASX reporting season carried through another week.
Every sector finished higher outside of materials, with healthcare the outperformer adding 1.9% after CSL Limited (ASX: CSL) once again nears $300 per share, adding 2.4% ahead of its earnings result on Wednesday.
CSL share price chart
Baby Bunting disappoints
Baby Bunting Ltd (ASX: BBN) is dealing with a pandemic hangover, falling 4.5% despite delivering a 76% jump in profit to $17.5 million.
Investors were clearly worried about the falling rate of sales growth, which is just 6.4% in FY21, down from over 15% in 2020.
ASX weekly movers
The market gained another 1.2% over the week, powered by the financials sector which gained 3.1% on the back of the Commonwealth Bank’s (ASX: CBA) unexpected buyback and National Australia Bank’s (ASX: NAB) double-digit profit growth.
Watch Owen run through CBA’s FY21 report
The standout, however, was GrainCorp Ltd (ASX: GNC), with the group adding 14.4% after increasing FY21 forecasts on the back of an expected bumper crop and wheat-hungry export markets.
The insurance sector also rallied behind QBE Insurance Group Ltd (ASX: QBE) and Insurance Australia Group Ltd (ASX: IAG) despite suffering from a spike in claims and the latter reporting a $427 million loss. QBE shares were up 12.1% while IAG finished the week 8.8% higher.
ASX 200 today
The ASX 200 is expected to trend lower when the market opens on Monday. This comes despite a mildly positive lead from US markets on Friday.
Reporting season will seriously ramp up this week, with the likes of JB Hi-Fi Limited (ASX: JBH), Bendigo and Adelaide Bank Ltd (ASX: BEN) and Carsales.com Ltd (ASX: CAR) kicking things off today. For all the latest, make sure to bookmark Rask Media’s ASX reporting season calendar.
