ASX falls as energy drags
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The news: The Australian sharemarket ended the week down as energy companies lagged.
The numbers: The benchmark ASX 200 finished 0.15% lower at 7,770.6, with six out of 11 sectors finishing in red.
The worst performing sector was energy, down 1.3%, followed by materials (-0.87) and consumer discretionary (-0.62%). Woodside lost 1.82%, Ampol fell 1.06% and Yancoal Australia dropped 1.87%).
The big miners also lost ground including BHP (-0.68%), Fortescue (-2.11%) and Rio Tinto (-0.53%), while gold miners wiped some of their gains from Thursday. One of the worst performers was Genesis Minerals, which lost 5.99% following the publication of its strategy for the next five years. However, Shaw and Partners analysts retained their ‘buy’ rating on the stock.
The best performing sector was AREITs, up 1.43%, followed by healthcare (1.34%) and industrials (0.16%). Fisher & Paykel Healthcare was the best performer on the ASX 200, finishing up 7.66% after it upgraded its FY24 earnings guidance.
Virgin Money UK ASX-listed shares followed, up 3.67%, after Nationwide Building Society confirmed its plans to acquire the company for £2.9 billion ($5.62 billion).
Elsewhere, Reddit shares surged 48% on its New York Stock Exchange debut while Apple shares tumbled 4.1% after the US Justice Department and 15 states launched court action against it for anti competitive behaviour.
The Australian dollar is lower, buying US65.3 cents.
The context: Saturday will see US Federal Reserve chair Jerome Powell deliver opening remarks at the Fed Listens event, which will hear perspectives on current economic conditions and how the pandemic has reshaped the economy and workforce.
Next week will see the Australian Bureau of Statistics publish the latest CPI figures, as well as the release of quarterly US GDP figures.
