The S&P/ASX 200 (ASX: XJO) managed to reverse four straight weeks of declines, with Friday’s 0.9% gain sending the index 1.9% higher over the week.
On Friday it was the commodities and IT sectors leading the way, the most unlikely of partners with the materials sector up 1.8% and IT sector gaining 1.3%.
Every other sector was higher but Magellan Financial Group Ltd (ASX: MFG), up 5.6%, Rio Tinto Limited (ASX: RIO), up 4.0%, and BHP Group Ltd (ASX: BHP), up 3.0%, were the standouts.
Tesla (NASDAQ: TSLA) CEO Elon Musk noted overnight the expectation that iron, rather than nickel, will be central to battery cathodes, which may have boosted sentiment.
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Elsewhere, Platinum Asset Management Ltd (ASX: PTM) finished flat after reporting another $292 million in outflows from its funds with assets hitting $23.2 billion.
EML Payments share price tumbles
EML Payments Ltd (ASX: EML) was the biggest loser, falling 14.6% in the session after the Central Bank of Ireland flagged concerns about the growth strategy for its Prepaid Financial Services business.
The company was also the worst performing over the week, with the gift card business down 15.7%.
Energy sector gains
Outside this weakness, the energy sector remains the standout jumping 4.6% for the five days as an energy crisis engulfed the world.
Woodside Petroleum Limited (ASX: WPL) and Origin Energy Ltd (ASX: ORG) were two of the biggest beneficiaries, adding 6.7% and 6.5%, respectively.
ASX 200 today
Looking ahead, the ASX 200 is heading towards a flat open on Monday despite all three US benchmarks finishing in the red on Friday. For a recap of the latest news in US markets, check out my US stock market report.
