The S&P/ASX 200 (ASX: XJO) delivered a strong finish to the week, gaining 1.1% on the back of a strong global lead.
The primary driver was a weakening of the rhetoric from US Federal Reserve Chair, Jerome Powell in relation to the course of rate hikes in the coming months.
Energy and discretionary retailers were the standouts, gaining more than 2% each with a number of technology names also rallying.
Tabcorp Holding Limited’s (ASX: TAH) post demerger recovery has continued, with shares gaining 4.7% whilst struggling gambling company PointsBet Holdings Ltd (ASX: PBH) and plus size retailer City Chic Ltd (ASX: CCX) added 16% and 8%, respectively, on hopes the turn away from growth was beginning to end.
All four ASX banks rallied strongly, while material companies were more mixed. BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) were up more than 2.4% as good news emerges from China around lockdowns and supply chains.
Shares in Appen Ltd (ASX: APX) fell more than 20% just a day after an incredible rally with the potential suitor, Telus, announcing then almost immediately withdrawing its offer for the business.
Virtus Health Ltd (ASX: VRT) is set to move on from CapVest and enter private negotiations with private equity firm BGH for their $8.15 per share offer.
ASX 200 weekly movers
Over the week just five sectors were higher, centred around commodities, whilst technology fell another 3.4%.
Codan Limited (ASX: CDA) was the standout amongst the ASX 200, gaining 16.6%, with PointsBet not far behind with a 12.8% gain.
Tabcorp fared the worst with an 81% decline due to the demerger of its Keno and lotteries businesses into a separately listed ASX entity, The Lottery Corporation (ASX: TLC).
Novonix Ltd (ASX: NVX) and InvoCare Limited (ASX: IVC) were also in the loser’s column, falling around 9% each across the week.
ASX 200 today
Looking ahead, the ASX 200 is expected to open higher this morning, following a positive lead from US stock markets on Friday.
