The S&P/ASX 200 (ASX: XJO) managed to snap a four-week losing run to post a 1.5% gain over the week.
This was despite falling 0.4% on Friday ahead of an all-important inflation print in the US.
Fortescue CEO leaves, Redbubble bounces
Shares in Fortescue Metals Group Limited (ASX: FMG) fell 0.8% after CEO Elizabeth Gaines announced she would be stepping down to join the clean energy-focused Fortescue Future Industries group.
The discretionary and communication sectors were the standout, with Redbubble Ltd (ASX: RBL) topping the table again, delivering a 10.3% gain as consumer confidence post lockdowns continues to improve.
Iluka Resources Limited (ASX: ILU) was next, adding 7.3% amid a broader rally in the electric vehicle focused commodity sector, with energy once again detracting.
The ASX BNPL sector remains in a correction with Afterpay Ltd (ASX: APT) falling another 4.4%.
ASX 200 weekly movers
Over the week it was all about defensive earnings, with the staples and utilities sectors both finishing close to 3% higher following Metcash Limited’s (ASX: MTS) earnings and dividend upgrade.
The company topped returns for the week, finishing 13.9% higher, with the ASX gold mining sector seeing support amid spiking global inflation, Santa Barbara Ltd (ASX: SBM) up 9.8%.
Magellan Financial Group Ltd’s (ASX: MFG) flow of negative news continued, falling 10% over the five days, with the company now offering a dividend exceeding 8% and growing assets under management. Is it time to buy the dip?
ASX 200 today
Looking ahead, the ASX 200 is expected to open higher this morning after all three US benchmarks finished in the green on Friday. To find out more, check out my US stock market report.
