The S&P/ASX 200 (ASX: XJO) finished just 3 points lower on Friday but managed a 2.2% gain for the week.
The ASX discretionary sector dragged the market lower behind Wesfarmers Ltd (ASX: WES) which fell 1.6%, with Appen Limited (ASX: APX) also dragging the IT sector lower (down 1.2%) falling 6.1% as investors continue to desert the popular growth stock.
Investors switched back to industrials and utilities as the reopening outlook remains murky, with Qube Holdings Ltd (ASX: QUB) and Origin Energy Ltd (ASX: ORG) both over 2% higher.
Wesfarmers’ big dividend
But it was all about Wesfarmers on Friday, with the diversified conglomerate announcing a 17% increase in its final dividend and a $2 per share capital return following a stunning year from the well-managed company.
Profit increased 16% to $2.42 billion, driven by double-digit growth at Bunnings and Kmart and a solid return from Officeworks.
Revenue at Bunnings was 12% stronger, not bad for a mature business, with Kmart, Target and Catch Group together growing 69% amid an e-commerce boom.
ASX weekly movers
The week was dominated by ASX reporting season surprises, primarily negative.
Consumer staples and discretionary sectors were both down, 3% and 1.3% respectively, with both Kogan.com Ltd (ASX: KGN) and Link Administration Holdings Ltd (ASX: LNK) unable to live up to inflated expectations.
WiseTech Global Ltd (ASX: WTC) was the standout, surging 29.3% on its FY21 report, with Qantas Airways Limited (ASX: QAN) jumping 21% after outlining its plans to exit this lockdown mess.
Featured: Rapid-fire ASX results coverage on The Australian Investors Podcast
ASX 200 today
Looking ahead, the ASX 200 is expected to open higher on Monday, following a positive lead from US markets on Friday.
ASX reporting season is in its final days, with the likes of Fortescue Metals Group Limited (ASX: FMG), Altium Limited (ASX: ALU) and Crown Resorts Ltd (ASX: CWN) set to report today.
