The S&P/ASX 200 (ASX: XJO) hit another record high on Friday, finishing the day 1.2% higher taking the weekly gain to 2.1%.
The records fell as the ASX banking and materials sectors combined to deliver gains. Commonwealth Bank of Australia (ASX: CBA) gained 1.6% on Friday and both BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) jumped over 2% despite continued weakness in the iron ore price.
Over the week it was the retail sector (+3.2%) and communications (+3.6%) the major increases. Link Administration Holdings Ltd (ASX: LNK) was a highlight, jumping 5% after receiving an opportunistic offer from private equity group KKR.
BetMakers makes big play for Tabcorp’s wagering business
The corporate activity continued with Tabcorp Holdings Limited (ASX: TAH) receiving a $4 billion offer for its wagering and media business.
The offer comes from smaller technology player BetMakers Technology Group Ltd (ASX: BET), which fell 16.3% on the news of its planned merger.
The offer includes just $1 billion in cash with Tabcorp shareholders to own 65% of the combined entity.
Inghams shocks analysts
Chicken producer Inghams Group Ltd (ASX: ING) led the market for the day, adding 8.6% after flagging that analyst consensus around its profit and earnings for the financial year are understated.
This was a rare update focused on consensus rather than its actual performance.
Weekly ASX market movers
Over the week, Kogan.com Ltd (ASX: KGN) staged a recovery and gained 17.1% while Costa Group Holdings Ltd (ASX: CGC) was the lowlight, down 23.7% after flagging cost increases due to a shortage of fruit pickers.
ASX 200 today
Looking ahead, the ASX 200 is expected to edge higher when the market opens on Monday. US markets provide a positive lead, with all three major indexes inching higher on Friday. For all the latest, check out Rask Media’s US stock market report.