The domestic market continues to outperform our global peers, with the S&P/ASX 200 (ASX: XJO) gaining 1.1% on Friday, but still finishing the week 0.5% lower.
Every sector was higher on Friday, led by technology and communications which gained 2.2% and 1.9%, and nine of the market’s 11 sectors gained more than 1%.
Origin up on energy prices
Earnings remain the primary driver with Origin Energy Ltd (ASX: ORG) adding 1.9% after management confirmed that revenue from the APLNG production asset had doubled for the year to date to $6.5 billion, with both volumes and prices increasing.
Kogan share price tanks
Shares in Kogan.com Ltd (ASX: KGN) were smashed by another weak update, with the company reporting an 11% fall in gross profit for the quarter as sales fell by 3.8% to just $262 million.
The Kogan share price fell by more than 13% on Friday and is now down more than 50% for the year.
1-year Kogan share price chart
Ramsay’s profit hit
The challenging environment once again hit Ramsay Health Care’s (ASX: RHC) profit ahead of an impending takeover, with management announcing a 38% fall in profit for the year to date, as elective surgery restrictions around the world continued to bite.
ASX weekly movers
The result was more mixed across the week with utilities and real estate the standouts, up 1.3% and 0.8%, as investors sought shelter from the surging volatility. Meanwhile, tech, materials and energy all dropped by more than 1%.
Retailer City Chic Ltd (ASX: CCX) topped the market adding 12.8%, with EML Payments Ltd (ASX: EML) and Life360 Inc (ASX:360) down 42% and 24% each.
ASX 200 today
Looking ahead, the ASX 200 is expected to open lower this morning after US stock markets finished the week on a sour note.
The Dow Jones shed 2.8%, the S&P 500 dropped 3.6% and the Nasdaq tumbled 4.2%. To find out more, check out my US stock market report.
