The S&P/ASX 200 (ASX: XJO) benefitted from news that the Chinese government had cut a key interest rate and a late rally in US markets to post a 1.2% gain to finish the week.
The result was driven by a jump in the technology and discretionary sectors, up 4.6% and 2.0% on Friday after a tough week for both.
Novonix Ltd (ASX: NVX) and Life360 Inc (ASX: 360) were among the highlights, gaining 12.1% and 11.7% each.
Woolies buys MyDeal
Woolworths Group Ltd (ASX: WOW) added 0.5% after management confirmed a further expansion into e-commerce with the purchase of 80% of online platform MyDeal.com.au Ltd (ASX: MYD).
The deal valued the company at $243 million and gives Woolies a growing online presence. MyDeal shares soared 55% on the news, taking the company’s market capitalisation to $260 million.
Crown Resorts Ltd (ASX: CWN) also finished slightly after shareholders resoundingly approved Blackstone’s bid for the company at $13.10 per share.
Chalice Mining Ltd (ASX: CHN) was the standout, gaining 19% after the company received approvals to expand its existing WA nickel projects.
ASX 200 weekly movers
The ASX 200 delivered its first weekly gain since April, finishing 1% higher over the five days with tech, industrials and materials the standouts, whilst the consumer staples sector fell 3.5% amid the broad sell-off in US retailing giants.
Chalice and lithium miners Allkem Ltd (ASX: ALE) and Pilbara Minerals Ltd (ASX: PLS) were the top performers over the week, up 27%, 17% and 15%, with AVZ Minerals Ltd (ASX: AVZ) tanking 21% on a short report.
ASX 200 today
Looking ahead, the ASX 200 is expected to open slightly lower this morning, following a mixed lead from US markets on Friday. To find out more, check out my US stock market report.
