Australian investors had some respite on Friday, as volatility disappeared and the S&P/ASX 200 (ASX: XJO) gained 2.2% to finish the week.
There was little news driving the rebound, aside from perhaps the realisation that whilst rates may rise sooner than expected, they remain fixed near zero.
CSL Limited (ASX: CSL) was a major contributor, gaining 3.2% after a difficult week. But it was the consumer sectors, both discretionary and retailers, that drove returns gaining 3.3% each.
Traditional value sectors and the beaten-down ASX technology group continued to underperform.
Big names delivered strong rallies, including Boral Limited (ASX: BLD) and Macquarie Group Ltd (ASX: MQG), which gained close to 5% each.
Featured video: 4 ASX ideas for 2022 & beyond
ResMed delivers growth
ResMed (ASX: RMD) released its second-quarter update, delivering another 12% in top-line revenue growth, hitting US$894.9 million.
However, margins weakened by more than 1% as cost pressures continued to bite.
Profit increased 12% as US growth in sleep apnea product sales resumed. ResMed shares finished broadly flat.
ASX 200 drops 2.6% for the week
Over the week, the market still finished 2.6% lower, with every sector finishing in the red.
ASX technology shares felt the brunt of the selling pressure, as borderline profitable companies suffered significant drawdowns, pulling the group down more than 7%.
ASX 200 today
Looking ahead, the ASX 200 is set to open lower this morning. This comes despite a positive lead from US markets, with all three US benchmarks rallying to finish the week.
Apple (NASDAQ: AAPL) was a highlight, jumping 7% on the back of a powerful quarterly earnings report. To find out more, check out my US stock market report.
