The S&P/ASX 200 (ASX: XJO) finished flat on Friday with strength across most consumer-facing sectors, including discretionary (up 1.4%), staples (up 0.9%) and property (up 0.7%).
This was offset by another sharp sell-off in energy companies, which were down over 2% as reality kicked in about the oil ‘shortage’.
RBA gets busy, BNPL in crosshairs
The RBA had a busy day, announcing they believe it is in the best interests of the retail market for BNPL players, including Afterpay Ltd (ASX: APT), to remove the contractual terms that restrict the retailers they work with from passing their cost onto the end consumer.
Despite the potential for a significant impact on profitability, Afterpay shares fell just 0.3% while Zip Co Ltd (ASX: Z1P) shares finished 1.8% lower.
The RBA also doubled down on bond-buying, effectively confirming their intention to keep rates below 0.1%.
Aurizon’s big acquisition
Aurizon Holdings Ltd (ASX: AZJ) announced a plan to acquire One Rail from Macquarie Group Ltd (ASX: MQG) for $2.35 billion. Aurizon shares fell 6% on the news and were down more than 7% for the week.
Lynas share price tumbles
Rare earths darling Lynas Rare Earths Ltd (ASX: LYC) also bore the brunt of COVID shutdowns, falling 8% on Friday after announcing a 30% fall in sales in the September quarter.
ASX 200 weekly movers
Over the week, the ASX 200 gained 0.7%, behind strong performances by Wesfarmers Ltd (ASX: WES) and Macquarie, the two Australian powerhouses gaining close to 5%.
Wesfarmers highlighted robust sales at Bunnings despite challenges at Target and Kmart, whilst Macquarie took the crown as the most profitable investment bank in a bumper year that has shares nearing $200.
ASX 200 today
Looking ahead, the ASX 200 is set to open higher on Monday despite a broadly negative lead from US markets on Friday.
Snapchat (NYSE: SNAP) and Intel (NASDAQ: INTC) made headlines, with both shares falling more than 10%. To find out more, check out my US stock market report.
