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ASX 200 posts another positive week, ASX iron ore shares rally

The S&P/ASX 200 (ASX: XJO) finished the week on another positive note, despite the return of concerns about the aggressiveness of central banks around the world, posting a 0.9% gain on Friday.

It was propelled by the materials sector, with copper and ASX iron ore miners benefitting from the loosening of lockdowns but more importantly, an acceleration in domestic infrastructure and stimulus.

Champion Iron Ltd (ASX: CIA) added 8.1% and BHP Group Ltd (ASX: BHP) climbed 2.5% with the ASX lithium miners also benefitting from the rally.

ASX technology shares also gained close to 2.3%, but healthcare underperformed once again, finishing slightly higher after Healius Ltd (ASX: HLS) dropped 8.7% on an earnings downgrade.

The company has flagged more difficult second half trading conditions, but will still see a 100% jump in earnings on the back of running 15,000 daily COVID-19 tests.

ASX 200 weekly movers

The ASX 200’s gain on Friday represented the gain for the week, with returns of more than 3% from both the energy and materials sector delivering another positive period.

The standouts were Beach Energy Ltd (ASX: BPT) and A2 Milk Company Ltd (ASX: A2M), which both gained more than 10% whilst the lithium miners were smashed on falling pricing expectations.

Pilbara Minerals Limited (ASX: PLS) suffered a 16.5% fall while Allkem Ltd (ASX: AKE) wasn’t far behind, tumbling 15.4%.

ASX 200 today

Looking ahead, the ASX 200 is expected to open lower this morning, following a negative lead from US stock markets on Friday which saw the Nasdaq drop 2.5%. To find out more, check out my US stock market report.

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Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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