The S&P/ASX 200 (ASX: XJO) finished the week on a positive note, adding 0.5% on Friday with the market ending up the same amount over the five days.
On Friday it was all about resources and utilities, with Alumina Limited (ASX: AWC) jumping 6.7% on a booming aluminium price and lithium miner Orocobre Limited (ASX: ORE) doing the same, up 7%.
A number of less popular stocks finished the week strongly, including Ramsay Health Care Limited (ASX: RHC), up 3% and Whitehaven Coal Ltd (ASX: WHC), up 7% after a strong trade surplus was announced.
AMA’s trading halt
Motorcycle part retailer AMA Group Ltd (ASX: AMA) entered an unexpected trading halt amid speculation over its solvency, but quickly corrected the market confirming it has over $60 million in cash.
ASX wrap
Over the five days, both cyclicals and defensives staged a rebound, with real estate and energy both adding over 2% and outperforming their more popular growth counterparts.
The underlying trend, however, was all about the removal of dividends from the market, making it difficult to get a true read on the direction of the market.
The week also marked the end of August, with the market gaining for an 11th straight month, finishing 1.9% higher.
Real estate was the standout in August with the likes of Charter Hall Group (ASX: CHC) and Vicinity Centres (ASX: VCX) recovering despite the extended lockdowns in NSW and Victoria.
New 52-week highs
National Australia Bank Ltd (ASX: NAB), Macquarie Group Ltd (ASX: MQG) and South32 Ltd (ASX: S32) all reached new 52-week highs during the week, buoyed by the better than expected GDP result.
ASX 200 today
Looking ahead, the ASX 200 is set to open lower on Monday. This comes following a mixed lead from US markets on Friday, which saw the Dow Jones fall 0.2% but the Nasdaq deliver a gain of the same amount.