News that the Russian invasion of Ukraine had resulted in a fire at one of the country’s many nuclear reactors sent shockwaves through global markets, with Fukushima returning to front of mind.
Shares in Paladin Energy Ltd (ASX: PDN) bore the brunt, falling 14% but trading as much as 25% lower, as investors once again realised the gravity of the events on the other side of the world.
Ultimately, the S&P/ASX 200 (ASX: XJO) finished down 0.6% on Friday, but managed a 1.6% gain across the week.
Just two sectors managed positive results on Friday, with consumer staples and utilities gaining behind the likes of Coles Group Ltd (ASX: COL) and AGL Energy Limited (ASX: AGL), which were up around 1% each.
ASX gold miners finished the week strongly despite a late rally in the AUD, with bullion in ever-higher demand.
There was little in the way of news outside of CSL Limited (ASX: CSL) nearing control of Vifor Pharma.
ASX weekly movers
Across the week the story was clear, with supply shortages and an impending surge in Chinese demand boosting both the materials and energy sectors, which gained more than 8% each.
Whitehaven Coal Ltd (ASX: WHC) was the top performer, jumping 25.1%, ahead of Lynas Rare Earths Ltd (ASX: LYC) and Woodside Petroleum Limited (ASX: WPL), which both added 12%.
Zip Co Ltd (ASX: Z1P) and Life360 Inc (ASX: 360) continued to feel the selling pressure, down 22% and 14%, respectively.