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ASX 200 morning report – CWN, AX1 & NXT shares in focus

The S&P/ASX 200 (ASX: XJO) capped a volatile week with a positive finish, gaining 0.2% on Friday with most sectors moving higher.

The highlights came from healthcare and consumer staples, which both added 0.9% and 0.7%, respectively.

The ASX discretionary sector was weaker despite Crown Resorts Ltd (ASX: CWN) topping the market by gaining over 16% after private equity player Blackstone lobbed an unexpected third bid for the company priced at $12.50 per share.

Crown share price chart

Source: 1-year Crown share price chart

ASX industrials falter

The ASX industrials sector was the worst hit, falling 0.6% as a range of travel and infrastructure assets from Transurban Group (ASX: TCL) and Qantas Airways Limited (ASX: QAN) fell by more than 1% as European cases spike and another round of lockdowns are threatened.

Accent Group hit by closures

ASX retailer Accent Group Ltd (ASX: AX1) gained 4% despite announcing that its margins had suffered amid broad-based store closures with earnings a full $40 million below management expectations for the first 18 weeks of trading in FY22.

ASX 200 weekly movers

Across the week, the more defensive healthcare and technology sectors outperformed, gaining around 3% each.

In contrast, the energy and materials sector was down 1.5% as commodity prices continued their recent volatility.

On a stock level, Crown was the highlight, gaining over 18%, with Appen Limited (ASX: APX) and NextDC Ltd (ASX: NXT) up 11% and 8.5%, respectively, after the latter forecast a ~20% rise in earnings.

PointsBet Holdings Ltd (ASX: PBH) fared the worst among the ASX 200, down nearly 11% across the week despite no notable news.

Meanwhile, Commonwealth Bank of Australia (ASX: CBA) tumbled nearly 10% as the market reacted negatively to the bank’s first-quarter update.

ASX 200 today

Looking ahead, the ASX 200 is expected to open lower on Monday, following a mixed lead from US markets on Friday. To find out more, check out my US stock market report.

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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