Here’s a round-up of what you missed on Friday.
ASX 200 suffers worst fall in three months
The ASX 200 suffered its worst selloff in several months on Friday, falling 1.6% to finish the Easter shortened week.
Every sector was lower barring healthcare, which gained 0.5% as investors flock to their defensive names; CSL Limited (ASX: CSL) and Ramsay Health Care Limited (ASX: RHC) outperformed, gaining 1.7% and 1.5%.
Commodity reversal continues
Materials and mining continue to bear the brunt of the selloff, down 3.3% and 2.5% on Friday, taking the weekly loss to more than 5% each.
On the commodities side, there are multiple issues beginning with supply chain and staff shortages, which are ultimately resulting in higher costs and lower production.
Despite this, both OZ Minerals Limited (ASX: OZL) and Mineral Resources Limited (ASX: MIN) reiterated their previous guidance suggesting they are navigating the situation better than most, but Evolution Mining Ltd (ASX: EVN) recently highlighted that 25% of its workforce had contracted COVID-19 at the same time.
Megaport punished, quality & reopening plays shine
Markets are becoming weary of underperforming growth companies, with Megaport Ltd (ASX: MP1) falling another 9.7% on Friday, taking the weekly loss to 25% of the company’s value.
On the other hand, quality companies and reopening beneficiaries remain in demand, as Ramsay jumped 31% on a takeover bid and Qantas Airways Limited (ASX: QAN) soared more than 10% on a surge in bookings.