The S&P/ASX 200 (ASX: XJO) finished the week on a stronger note, gaining 0.8% on Friday behind a strong recovery in the mining sector, which gained 2.3%.
The likes of Fortescue Metals Group Limited (ASX: FMG) and BHP Group Ltd (ASX: BHP) added 2% and 2.8%, respectively, on the back of a rise in the iron ore price. This came after the Chinese Government indicated support for the embattled property sector was on its way.
Featured video: Fortescue Metals ASX share review on
Every other sector was higher apart from healthcare, which continues to see capital rotate out of companies with defensive earnings into more volatile cyclicals.
Zip’s European expansion, another bid for Link
Zip Co Ltd (ASX: Z1P) gained close to 4% after announcing it had settled on its purchase of Twisto, a European digital payments player that will support an expansion in the region.
Shares in Link Administration Holdings Ltd (ASX: LNK) were also up 3.5% after the group received an offer for its poorly timed loan servicing business in Europe.
ASX 200 weekly movers
The day’s strength couldn’t overcome a mainly negative week with the market falling 0.2% over the five days as the inflation risk rumbled through valuations.
Materials were the standout, gaining 4.7% with those linked to renewable energy like Chalice Mining Ltd (ASX: CHN), which added 44%, and gold mining including Evolution Mining Ltd (ASX: EVN), up 12%, the leaders.
Every sector apart from mining finished lower over the five days, with technology and healthcare the hardest hit on concerns of higher interest rates impacting valuations.
The Nearmap Ltd (ASX: NEA) share price was the biggest detractor, down 19% as the market reacted to the company’s trading update and guidance at its AGM.
PolyNovo Ltd (ASX: PNV) wasn’t far behind, tumbling 14% after its CEO stepped down, effective immediately.
ASX 200 today
Looking ahead, the ASX 200 is expected to open relatively flat on Monday despite US markets posting a positive finish to the week. To find out more, check out my US stock market report.
