A strong rally to close out the week, with the S&P/ASX 200 (ASX: XJO) finishing 0.5% higher, wasn’t enough to offset downward pressure during the week, with the ASX 200 ultimately losing 0.2%.
Performance was varied on Friday, with materials and industrials both outperforming, gaining 1.3% and 0.9% amid surging commodity prices and both real estate and technology retreating, down 0.3%.
Among the biggest movers were GrainCorp Ltd (ASX: GNC), Nufarm Ltd (ASX: NUF) and Paladin Energy Ltd (ASX: PDN) up 5.8%, 4.1% and 13.1% each.
GrainCorp surge continues
GrainCorp was the standout, with management upgrading earnings guidance once again, now expecting underlying EBITDA in the range of $590 million and $670 million, up from a range of $480 million and $540 million just a few weeks ago.
This comes as the Ukraine crisis and a global shortage has caused massive demand for Australian grain and oil seeds. How long this is sustained for is another question.
Platinum hits record low
Platinum Asset Management Ltd (ASX: PTM) was at the other end of the spectrum, falling 15% to a record low after announcing a near $2 billion reduction in assets under management.
The value manager’s core funds have underperformed significantly, with only $200 million in outflows and the majority driven by falls in market value.
ASX 200 weekly movers
Over the week, the highlights were once again the consumer staples and energy sectors, up 1.7% each with Pendal Group Ltd (ASX:PDL) jumping 17.6% on the back of a takeover offer from Perpetual Limited (ASX: PPT), and Mineral Resources Limited (ASX:MIN) another standout, gaining 12.3%.
On the flipside, AVZ Minerals Ltd (ASX: AVZ) and Lynas Rare Earths Ltd (ASX: LYC) were the ASX 200’s biggest detractors, falling 13.8% and 10.9%, respectively, across the five days.
ASX 200 today
Looking ahead, the ASX 200 is set to open higher this morning, following a mixed lead from US stock markets on Friday. The Dow Jones climbed 0.4% while the tech-heavy Nasdaq fell by 1.3%.