Green wins tech wrestle: ASX closes 0.95% lower over week

Market Reports

by Michael Luu

Text-only (non-video) report.

The ASX200 extended its broader rally after midday to wrap up the week’s last trading session on a positive note. As the Australian sharemarket hit the brakes on its three-day streak of consecutive losses, inflation fears appeared to have waned for now.

The big lenders maintained bullish momentum and did the heavy lifting. Among the major banks furthering their advances, Macquarie was the star performer, tracking 2.6 per cent higher by 3.45pm. Commonwealth notched a record high of $97.38 during the session.

Gains and losses continued their battle for dominance in Infotech, with Green coming out on top in late trade, as buy now pay later stocks continued to offset other tech losses. Afterpay and Zip Co soared 1.9 and 1.6 per cent by the end of trade.

Materials was the main drag on the market as the only sector in the sell zone, following a dip by the Dalian iron ore futures. This summed up mining stocks’ performance throughout the week, as BHP, Rio Tinto and Fortescue Metals all closed lower. 

At the closing bell, the S&P/ASX 200 was 0.45 per cent or 31.50 points higher at 7014.20. Over the week, it closed 0.95 per cent or 66.60 points lower.

Futures

The Dow Jones futures are pointing to a rise of 132.00 points.
The S&P 500 futures are pointing to a rise of 19.75 points.
The Nasdaq futures are pointing to a rise of 72.25 points.
The SPI futures are pointing to a rise of 38 points when the market next opens.

Best and worst performers

The best-performing sector was Energy, up 1.70 per cent. The worst-performing sector was Materials, down 1.18 per cent.

The best-performing stock in the S&P/ASX 200 was Whitehaven Coal (ASX:WHC), closing 9.16 per cent higher at $1.37. It was followed by shares in Treasury Wine Estates (ASX:TWE) and Clinuvel Pharmaceuticals (ASX:CUV).

The worst-performing stock in the S&P/ASX 200 was Pilbara Minerals (ASX:PLS), closing 5.19 per cent lower at $1.09. It was followed by shares in Nickel Mines (ASX:NIC) and Xero (ASX:XRO).

Asian markets

Japan's Nikkei has gained 2.40%.
Hong Kong's Hang Seng has gained 0.97%.
China's Shanghai Composite has gained 1.56%.

Wall Street

Over the last four trading days, the Dow Jones lost 2.22 per cent, the S&P 500 lost 2.92 per cent and the Nasdaq lost 4.78 per cent.

Commodities and the dollar

Gold is trading at US$1827.71 an ounce.
Iron ore is flat at US$237.57 a ton.
Iron ore futures are pointing to a fall of 9.50 per cent.
Light crude is trading $0.31 lower at US$61.93 a barrel.
One Australian dollar is buying 77.29 US cents.