The S&P/ASX 200 (ASX: XJO) closed the way it opened on Friday, with another strong day of trading. The index finished 0.5% higher, which took the weekly gain to an unexpected 1.8%.
The rally came despite an unexpected increase in bond rates that many suggested would see an end to the sustained rally in global markets.
Friday followed the narrative of the week, with every sector higher apart from energy. The ASX energy sector fell 0.6% on Friday and 1.9% for the week after the White House accused OPEC+ of threatening the economic recovery.
Link’s new bid
Private equity group Carlyle lobbed another bid for Link Administration Holdings Ltd (ASX: LNK) which appears to value the company at $5.38 per share, below the original bid which was deflected by management.
Under the deal, shareholders will receive $3.00 for their Link shares and $2.38 in the form of a distribution of their ownership in PEXA Group Ltd (ASX: PXA).
Link shares finished 8.6% higher at $4.70 but well below the offer price, suggesting there is little confidence in the deal.
Link share price chart
News Corp delivers record
News Corporation (ASX: NWS) was the other highlight along with REA Group Limited (ASX: REA), with shares in the former jumping nearly 7% after reporting the strongest quarterly profit in 140 years.
Profit reached US$267 million in the quarter on an 18% increase in revenue as the likes of Dow Jones and the Wall Street Journal leverage their digital presence.
Meanwhile, the REA share price gained 5.6% after reporting a strong Q1 update, delivering another 22% revenue growth as the property market remains resilient.
ASX 200 weekly movers
Over the week, the communications and real estate sectors both gained more than 4%.
But it was Nufarm Ltd (ASX: NUF) and Pro Medicus Limited (ASX: PME) leading the way, both up around 15%.
Tyro Payments Ltd (ASX: TYR) and Domino’s Pizza Enterprises Ltd (ASX: DMP) were the biggest losers, falling 19% and 14%, respectively. The market reacted negatively to Tyro’s AGM update, while Domino’s shares tumbled as its trading update failed to meet lofty expectations.
ASX 200 today
Looking ahead, the ASX 200 is expected to open higher on Monday after all three US benchmarks closed out the week on a positive note.
Peloton (NASDAQ: PTON) stock made headlines, tumbling 35% as its quarterly report came in well below Wall Street’s expectations. To find out more, check out my US stock market report.
