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ASX 200 morning report – FMG, RBL & MFG shares in focus

The S&P/ASX 200 (ASX: XJO) managed to snap a four-week losing run to post a 1.5% gain over the week.

This was despite falling 0.4% on Friday ahead of an all-important inflation print in the US.

Fortescue CEO leaves, Redbubble bounces

Shares in Fortescue Metals Group Limited (ASX: FMG) fell 0.8% after CEO Elizabeth Gaines announced she would be stepping down to join the clean energy-focused Fortescue Future Industries group.

The discretionary and communication sectors were the standout, with Redbubble Ltd (ASX: RBL) topping the table again, delivering a 10.3% gain as consumer confidence post lockdowns continues to improve.

Iluka Resources Limited (ASX: ILU) was next, adding 7.3% amid a broader rally in the electric vehicle focused commodity sector, with energy once again detracting.

The ASX BNPL sector remains in a correction with Afterpay Ltd (ASX: APT) falling another 4.4%.

ASX 200 weekly movers

Over the week it was all about defensive earnings, with the staples and utilities sectors both finishing close to 3% higher following Metcash Limited’s (ASX: MTS) earnings and dividend upgrade.

The company topped returns for the week, finishing 13.9% higher, with the ASX gold mining sector seeing support amid spiking global inflation, Santa Barbara Ltd (ASX: SBM) up 9.8%.

Magellan Financial Group Ltd’s (ASX: MFG) flow of negative news continued, falling 10% over the five days, with the company now offering a dividend exceeding 8% and growing assets under management. Is it time to buy the dip?

ASX 200 today

Looking ahead, the ASX 200 is expected to open higher this morning after all three US benchmarks finished in the green on Friday. To find out more, check out my US stock market report.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

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Disclosure: At the time of publishing, Drew owns shares in Magellan.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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