The S&P/ASX 200 (ASX: XJO) finished the week on a high note, gaining 1.9% on the back of an incredible surge in the technology sector.
The mid-session turnaround in the Nasdaq pushed the ASX technology sector to a 6.9% gain after US-listed payment provider and owner of Afterpay, Block Inc CDI (ASX: SQ2) gained 15%, with Xero Limited (ASX: XRO) also recovering 9.4% on improving confidence.
Every sector finished higher with the defensive consumer staples and utilities underperforming, up 0.8% and 1.1%, whilst retailers and the property sector were both up over 2%.
Pro-Pac share price crumbles
Shares in packaging manufacturer Pro-Pac Packaging Limited (ASX: PPG) fell 17.9% after downgrading profit expectations to just $5 million. The small-cap company flagged supply chain issues and surging raw materials costs ranging from resin to sea freight charges.
Virtus Health downgrades
It was a similar story for Virtus Health Ltd (ASX: VRT), which downgraded forecasts and no longer expects to recover ground lost to surgery cancellations.
The result was a 1.6% fall in revenue and a 30% drop in earnings in the 10 months to 30 April 2022. Virtus Health shares finished the day 0.9% lower.
ASX weekly movers
Across the week, the ASX 200 still fell 1.8%, with technology the biggest detractor, down 6.6%, and healthcare outperforming amid the volatility.
PolyNovo Ltd (ASX: PNV) topped the market gaining 44%, whilst Chalice Mining Ltd (ASX: CHN) and Novonix Ltd (ASX: NVX) felt the brunt of the commodity weakness, down 24% and 21% each.
ASX 200 today
Looking ahead, the ASX 200 is expected to open higher this morning, following a strong lead from US markets on Friday.
The tech-heavy Nasdaq was the standout, rebounding 3.8%. To find out more, check out my US stock market report.