Consumer staples was the only ASX 200 market sector to finish the week in the green with a minor 0.02% gain over the five trading days.
Meantime, the S&P/ASX 200 Index (ASX: XJO) lost 1.64% to finish the week at 8,211.3 points.
A significant sell-off on Wall Street led to weaker trading on the Australian market last week. As we reported, rising US bond yields stoked fears of resurgent inflation and unsettled global markets.
Let's review what happened.
The biggest ASX consumer staple share, Woolworths Group Ltd (ASX: WOW), lost 0.58% to close at $32.69 on Friday. The Coles Group Ltd (ASX: COL) share price lifted 1.23% to $18.16.
IGA supermarket network owner Metcash Ltd (ASX: MTS) copped a beating, with its shares losing 10.64% of their value to close at $3.19 on Friday.
The Metcash share price slide began on Tuesday following a bearish note from Goldman Sachs.
The broker downgraded the stock to a sell rating and cut its 12-month share price target by 18% to $3.10.
The broker expects Metcash to underperform over the medium term.
Then on Friday, Metcash released a trading update advising investors that it expects its 1H FY25 underlying net profit after tax (NPAT) to be between $132 million and $135 million.
This compares to a $142.5 million NPAT in 1H FY24. Management blamed tough trading conditions in the hardware market. (Metcash also owns the Mitre 10 network).
ASX 200 wine share Treasury Wine Estates Ltd (ASX: TWE) rose 0.99% to finish the week at $11.77.
Endeavour Group Ltd (ASX: EDV) shares lost 1.77% to finish at $4.73 apiece on Friday.
A2 Milk Company Ltd (ASX: A2M) fell 4.65% to $5.74 last week.
There was no price-sensitive news from A2M last week, however the company did announce the appointment of a new independent non-executive director, Antonio Rivera.
Synlait Milk Ltd (ASX: SM1) shares also fell significantly, by 6.49%, to close at 36 cents. On Monday, the company revealed that its CEO, Grant Watson, had resigned after almost three years at the helm.
ASX 200 agricultural share Graincorp Ltd (ASX: GNC) gained 0.33% to close at $9.16.
Bega Cheese Ltd (ASX: BGA) rose by 0.19% to finish the week at $5.29 per share.
Stock feed producer Ridley Corporation Ltd (ASX: RIC) lifted 1.18% over the week to $2.58 per share.
Here's how the 11 market sectors stacked up last week, according to CommSec data.
Over the five trading days:
| S&P/ASX 200 market sector | Change last week |
| Consumer Staples (ASX: XSJ) | 0.02% |
| Communication (ASX: XTJ) | (0.11%) |
| Financials (ASX: XFJ) | (0.13%) |
| Materials (ASX: XMJ) | (0.44%) |
| Utilities (ASX: XUJ) | (0.5%) |
| Energy (ASX: XEJ) | (0.91%) |
| Healthcare (ASX: XHJ) | (1.23%) |
| A-REIT (ASX: XPJ) | (2.07%) |
| Consumer Discretionary (ASX: XDJ) | (2.13%) |
| Industrials (ASX: XNJ) | (2.15%) |
| Information Technology (ASX: XIJ) | (3.98%) |
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