Another strong day for the technology and energy sectors supported the Australian share market, pushing the S&P/ASX 200 (ASX: XJO) to finish 0.6% higher on Friday.
The result was a 3.3% gain over the week and a stark turnaround of the correction that had commenced. In fact, it was the ASX’s best week in over 12 months.
The primary contributor on Friday was energy, with the oil price jumping above US$100 per barrel once again despite any real slowdown in Russian exports.
Woodside Petroleum Limited (ASX: WPL) gained 2.7% and Block Inc (ASX: SQ2) continued on its recent run, adding another 7.2% to finish the week.
No ACCC action for Qube, Star faces investigation
In company-specific news, port owner Qube Holdings Ltd (ASX: QUB) was flat despite the ACCC announcing they would not be pursuing enforcement action regarding the company’s acquisition of the Newcastle Agri Terminal.
Star Entertainment Group Ltd (ASX: SGR) shares fell 3.6% after an investigation was announced by the NSW Government, taking the Star share price to its lowest point since 2020.
ASX 200 weekly movers
It was a similar story over the week, with the ASX technology sector gaining another 7.8%, reversing an increase in bond yields as investors focused on revenue growth in a potentially recessionary environment.
ASX financials also rallied, with Magellan Financial Group Ltd (ASX: MFG) gaining 13% over the week, but the standout was telecom network operator Uniti Group Ltd (ASX: UWL) which gained 31% on a takeover offer.
ASX 200 today
Looking ahead, the ASX 200 is set to open higher this morning, following a positive lead from US stock markets on Friday. To find out more, check out my US stock market report.