The S&P/ASX 200 (ASX: XJO) managed a 0.2% gain on Friday even as the delta outbreak spread across the country.
It was generally positive across the board with only the energy and utilities sectors weakening, down 0.6% and 0.4%, respectively.
The consumer discretionary and healthcare sectors were the biggest winners with investors flocking to the likes of Wesfarmers Ltd (ASX: WES) and CSL Limited (ASX: CSL) in search of defensive earnings.
Rio Tinto facing production issues
Rio Tinto Limited (ASX: RIO) released production figures, announcing a 9% fall in iron ore extraction due to replacement mines, staffing issues and higher rainfall than expected.
This sent the cost per tonne guidance up to $18 from $16–17, which will have an impact on profits. Rio Tinto shares finished the day down 0.4%.
Evolution Mining disappoints
Gold miner Evolution Mining Ltd (ASX: EVN) was the biggest detractor, down 5.3%, after announcing weaker cash flow and profits than expected, whilst flagging the need for additional capital expenditure.
ASX weekly movers
Both BHP Group Ltd (ASX: BHP) and ResMed CDI (ASX: RMD) hit record highs during the week, with the former up 4.8% over the five days.
Materials were once again in focus, as the Chinese central bank released the credit reins, with Fortescue Metals Group Limited (ASX: FMG) also jumping 8% across the week.
Elsewhere it was all about corporate activity with Australian Pharmaceutical Industries Ltd (ASX: API) adding 21.7% and Spark Infrastructure Group (ASX: SKI) increasing 17.4% on takeover bids.
In the latest weekly episode of The Australian Investors Podcast (tune in below), hosts Owen Rask and Dr Anirban Mahanti discuss takeovers and make a bet on which ASX company will be the next takeover target.
ASX 200 today
According to the latest SPI futures, the ASX 200 is expected to fall when the market opens on Monday. This comes following a negative lead from US markets on Friday, with all three major indices finishing in the red. To find out more, check out our US stock market report.