The week ended on a negative note with the S&P/ASX 200 (ASX: XJO) closing down 0.9% on Friday as markets oscillate between optimism and pessimism.
Energy and utilities once again outperformed, up 0.3% and 0.5%, after a fourth peace talk resulted in no agreement between Ukraine and Russia.
The conflict continues to have a major impact on commodity markets, with shares in GrainCorp Ltd (ASX: GNC) benefitting from another increase in the grain price, now up more than 30% for the year.
Virtus Health Ltd (ASX: VRT) remains in a trading halt amid hopes of a bidding war between private equity acquirers, whilst Nickel Mines Ltd (ASX: NIC) was the latest company to abandon a capital raising due to a tanking share price.
ASX 200 falters for the week
It was a challenging week despite a few bright spots with the market falling 0.6%, with financials taking the mantle from the energy and materials sectors gaining 2.2% over the five days.
Materials fell 3.4% as the craziness in nickel markets occurred, whilst consumer staples also delivered a slightly positive return.
After reaching US$2,000 per ounce, the gold price weakened on inflation data, but St Barbara Ltd (ASX: SBM) was the top performer, gaining 16.2% across the week alongside Silver Lake Resources Limited (ASX: SLR) which added 11.3%.
Nickel Mines was the biggest detractor, falling 25.2%, with Rio Tinto Limited (ASX: RIO) weakening 11.7% on its Russian exposure.
