The ASX rose by as much as 0.6% at Friday’s open, but closed 0.1% lower at 7460.9.
This was the fifth straight session the index recorded losses and the first time it has done this since the early days of COVID-19.
The ASX 200 also suffered, experiencing its worst performance since January, losing 2.2% or about $50 billion from the index.
Despite, last week’s gloom, the ASX is expected to rise this morning.
On the commodities front, global oil prices dropped for a seventh straight session on Friday, with investors fearing that travel restrictions caused by Delta case numbers will lead to lower fuel demand. Brent crude fell by US$1.27 or 1.9% to US$65.18 a barrel. Across the week, it fell by US$5.41 or 7.7%.
Base metal prices were mixed on Friday. Copper, nickel and aluminium rose by up to 1.7%, however over the course of the week, metals fell 1.7-9% with tin hit hardest.
Spot gold traded near US$1,781 an ounce at the US close.
Over the week, gold rose by US$5.80 an ounce or 0.3%.
Iron ore lifted by US$8.90 a tonne or 6.8% to US$139.10 a tonne on Friday, fell by US$21.75 a tonne or 13.5% during the week.
Australian market
While the market was down, the best performing sectors included Communication Services and Healthcare, which were both up over 2% followed by Consumer Staples up over 1%.
The worst performing sectors were Materials down over 8 per cent followed by Energy down over 7 per cent and Financials down over 2 per cent.
The best performers in the ASX/S&P top 100 stocks were the a2 Milk Company Ltd, Domino’s Pizza Enterprises Ltd and Carsales.com Ltd – all up over 10%.
The worst-performing stocks were BHP Group Ltd, down over 15%, Mineral Resources Limited (ASX:MIN) down over 14% and Magellan Financial Group Ltd (ASX:MFG) and Lynas Rare Earths Ltd down over 12%.
Let’s see how this week pans out.
On the reporting front today, we’ll see Ampol Ltd, Sonic Healthcare Limited (ASX:SHL) and Latitude Group Holdings Limited report their earnings.
Australian indices
- ASX 200 fell 0.05% to 7,460.90
- ASX24 futures rose 0.5% to 7,423.
- S&P/ASX Small Ordinaries fell 0.59% to 3,472.70
- All ordinaries fell 0.13% to 7,725.10
- S&P/ASX 100 up 0.011% to 6,164.90
US market
As concerns surrounding what the Fed may do re its bond buying this year, the US market responded accordingly.
Investors are now looking out for world central bank leaders to meet in Wyoming in the coming week – another event that could move the market.
US indices
- Dow Jones rose 0.7% to 35,120.08.
- S&P 500 rose by 0.8% to 4,441.67
- Nasdaq rose 1.2% to 14,714.66
European market
Europe closed the week on a solid note, with the retail sector gaining 1.2%, led by big retailer Marks and Spencer gaining 14.1% after it raised its profit outlook.
The pan- European STOXX 600 continued its turnaround.
European indices
- STOXX 600 rose 0.33% to 468.80
- German Dax rose 0.3% to 15,808.04
- UK FTSE rose 0.4% to 7,087.90.