The S&P/ASX 200 (ASX: XJO) followed a strong global lead, finishing 0.1% higher on Friday, taking the weekly loss to just 4.3% despite the war in Ukraine.
On Friday, it was the ASX technology sector that outperformed, gaining over 8%, almost entirely due to a 32% surge in Afterpay’s new owner Block (ASX: SQ2) which reported a 29% jump in revenue.
ASX financials continued to underperform, with Magellan Financial Group Ltd (ASX: MFG) reversing recent gains to fall 10%t after another increase in outflows from its core global funds.
Charter Hall Group (ASX: CHC) gained 3.7% after the property manager nearly doubled revenue after assets under management grew by 50% during the year.
Shares in AdBri Ltd (ASX: ABC) gained more than 7% after management flagged price increases for concrete and delivered a 25% jump in profit despite difficult conditions.
E-commerce retailer Kogan.com Ltd (ASX: KGN) was smashed once again, falling 6%, after reporting a massive reversal in profit, to a loss of $11 million as the issue of shares in the form of remuneration hit the bottom line.
Over the week, the popular trade in commodities underperformed, materials falling 4.6%, with defensive consumer staples buoyed by Woolworths Group Ltd (ASX: WOW) and Coles Group Ltd (ASX: COL) gaining 3.4%.
Cimic Group Ltd (ASX: CIM) was the standout, gaining 35% on a takeover bid, whilst Tyro Payments Ltd (ASX: TYR) dropped by a quarter after flagging a slowdown in growth.
ASX 200 today
Looking ahead, the ASX 200 is set to rally at the open tomorrow, following a positive lead from US stock markets on Friday. To find out more, check out my US stock market report.