ASX ends week higher
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The news: The Australian sharemarket closed higher on Friday, tracking a mixed session on Wall Street.
The numbers: The benchmark ASX 200 gained 0.34% to end at 7,796, with eight out of 11 sectors finishing in green.
The best performing sector was utilities, up 1.92%, followed by energy (1.12%) and, healthcare and telecommunication services (both 1.01%).
Steadfast Group shares rose 2.95% after the insurance broker lifted its full-year earnings and profit guidance.
Treasury Wine Estates gained 1.37% as Jarden analysts upgraded the stock to ‘buy’ while Macquarie analysts were more cautious.
Meanwhile, Woodside ended 1.14% higher after announcing its new leadership structure.
Lendlease gained 0.59% despite Morgan Stanley analysts slashing their price target on the company following its decision to offload billions of dollars worth of assets from its international operations.
The worst performing sector was consumer discretionary, down 0.38%, followed by industrials (-0.13%) followed by materials (-0.02%).
Shares in Guzman y Gomez fell 4.43% a day after the Mexican food franchise rocketed 36% on its first day of trading on the ASX.
Pilbara Minerals shares fell 3.59% after the lithium producer outlined plans for a potential doubling of capacity to 2 million tonnes per annum by 2028 at a cost of $1.2 billion.
Megaport ended 1.92% lower after announcing that its founder and chair Bevan Slattery would be replaced by Melinda Snowden as its new chair.
Elsewhere, KMD Brands plunged 7.69% after it flagged a sharp drop in full-year earnings as its sales continued to be weak amid cost of living pressures.
The context: Tonight will see the release of the latest US flash manufacturing purchasing managers' index figures.
Next week will see the latest CPI figures from the Australian Bureau of Statistics.
