The S&P/ASX 200 (ASX: XJO) benefitted from a strong overseas lead but managed to deliver a gain of just 0.1% on Friday.
The ASX technology sector continues to be the largest drag, falling 3.9% for the day and 4.5% for the week, with energy and materials both gaining over 1%.
Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) were among the biggest detractors, falling 7.6% and 6.1%, respectively, after the US government announced a review of the fast-growing BNPL loan sector.
ASX gold miners shine
The ASX materials sector gained 2.3% across the week with gold miners topping the leaderboard as the threat of rate hikes sends investors back into the traditional volatility and inflation hedge.
Northern Star Resources Ltd (ASX: NST) gained 5.6%, Evolution Mining Ltd (ASX: EVN) gained 4.2%.
Magellan loses ‘material’ client
Magellan Financial Group Ltd (ASX: MFG) shares were 1.7% higher before entering a trading halt with management indicating it had lost a ‘material contract’.
Rumours are swirling that it may have lost the St James Place contract from the UK financial advisory firm, which is said to represent as much as 18% of Magellan’s assets under management.
This comes after a ~40% fall in the Magellan share price on rising uncertainty.
Magellan share price chart
ASX 200 today
Despite a negative lead from US markets, the ASX 200 is set to open broadly flat on Monday.
