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On Friday, the ASX200 ended its worst week since November, amid a sell-off among tech stocks. The tech sector declined 4%, with Afterpay (ASX:APT) at its lowest price since July. WiseTech Global (ASX:WTC), Nuix (ASX:NXL) and Nearmap (ASX:NEA) were all lower, and Xero (ASX:XRO) was down the most, falling 9%. Consumer staples also look a hit, and the local market closed just over 1% lower.
Medical device company ResMed (ASX:RMD) performed best, advancing 3.6%, followed by Ramelius Resources (ASX:RMS) and AGL Energy (ASX:AGL). AGL was the best performer of the week, helping to offset some market losses. The stock gained 19% over the week, after Credit Suisse named AGL their top pick among energy sector equities, due to the advantage AGL has in low-cost coal supply.
Investment manager Pendal (ASX:PDL) declined 15%, following the release of its funds under management update for the first quarter, which fell 2.5% to $135.7 billion, disappointing investors.
Some of the most traded stocks by Bell Direct clients on Friday, were the major miners, including Fortescue Metals (ASX:FMG), Pilbara Minerals (ASX:PLS), BHP (ASX:BHP), Nickel Mines (ASX:NIC), Lake Resources (ASX:LKE) and Syrah Resources (ASX:SYR).
European stocks were lower, as expectations for imminent policy tightening by the Fed resurfaced. US markets had another negative week. Major banking stocks were broadly lower after reporting their earnings. In recent weeks, bank stocks had outperformed as interest rates moved higher, however investors were underwhelmed by Friday’s reports. The Dow Jones was down 0.6%, while the S&P500 closed slightly higher 0.08%. Meanwhile, tech stocks helped offset concerns. The tech-heavy Nasdaq outperformed with a 0.6% gain.
Following US equities, the SPI futures are suggesting the ASX200 will rise 0.38% at the open.
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