Snap, crackle, flop 👎
Snap, crackle and pop. A brutal end to a brutal week. The era of ASX outperformance seems to be well and truly over for now. Except for goldies and staples, it was another sea of red, led by materials, tech, energy, consumer discretionary and financials which fell between 1.4% and 2.8%. Industrials, utilities and REITs were the relative standouts, if you can call it that, managing to limit falls to under 0.8%. It was that kind of day. Staples managed to eke out a modest gain, helped in part by a big lift in Endeavour which jumped 2.5%. Who doesn’t need a drink? GUD Holdings joined the confession session blacklist, issuing a downgrade. It plunged 19%, the largest of any firm on the 200. Harvey Norman slid 6.8%, Square 6.5% while HUB24 skidded 7.1% on the back of broker downgrades. The benchmark index slumped 1.76%, falling 116.3 points to close at 6474.8. For the week, it tumbled 6.6%, the largest fall since the early days of the pandemic.
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