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ASX 200 morning report – NVX, CSL & TPG shares in focus

An increasingly volatile week finished on a positive note, with the S&P/ASX 200 (ASX: XJO) gaining 0.2% on Friday, trimming the weekly loss to just 0.5%.

The famous Sohn Hearts & Minds Conference attracted all the attention with Berkshire Hathaway (NYSE: BRK.B) vice-chairman Charlie Munger delivering some scathing commentary.

ASX energy and financials sectors climb

On Friday, both energy and financials led the way, with the former gaining 1.6% after OPEC+ announced they would not be making any changes to the current production levels. Oil Search Ltd (ASX: OSH) gained 3.3% on the news.

Financials also recovered, gaining 1% behind a 1.7% bounce in Commonwealth Bank of Australia (ASX: CBA) shares after Moderna (NASDAQ: MRNA) once again suggested Omicron may not be as dangerous as anticipated.

Featured interview: Joe Magyer on

CSL lining up big deal

On the negative side was the ASX healthcare sector, which fell 1.7%, dragged lower by CSL Limited’s (ASX: CSL) 2.5% drop after confirming it was considering a major acquisition in Europe.

Novonix share price tanks

Talk of a green bubble saw shares in traders’ favourite Novonix Ltd (ASX: NVX) crater by more than 32% despite the lack of any news from the company.

Involved in battery materials and technology, Novonix has been a key beneficiary of the green wave of capital.

ASX weekly movers

The story was similar over the week, with materials and financials the only sectors in the positive, gaining 1.3% and 0.6%, respectively. The healthcare sector bore the brunt of the sell-off.

TPG Telecom Ltd (ASX: TPG) fell 7% for the week after founder David Teoh announced the sale of his entire holding.

Afterpay Ltd (ASX: APT) was also a major detractor, tumbling 10% after weakness in Square’s (NYSE: SQ) share price along with news that the proposed takeover will be delayed.

On the flip side, Worley Ltd (ASX: WOR) was the best performer amongst the ASX 200, storming 10% higher on the back of a broker upgrade by Morgan Stanley.

Collins Foods Ltd (ASX: CKF) also enjoyed gains, up nearly 8% across the week as the market reacted positively to the company’s half-year FY22 results.

ASX 200 today

Looking ahead, the ASX 200 is set to open lower on Monday after all three US benchmarks finished in the red on Friday.

The tech-heavy Nasdaq fared the worst, ending the session down nearly 2%. To find out more, check out my US stock market report.

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Disclosure: At the time of publishing, Drew owns shares in CSL.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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