Market Wrap / weekly win

The Australian sharemarket concluded with a slight decline in the late afternoon to round out the week. The S&P/ASX200 finished fairly even for the day, dropping a slight 0.04%, bringing its close to 8,614.10 points. 

On the back of the US market closure, the Australian consumer staples sector led gains, with standout performer Woolworths climbing 3.2% off the back of JPMorgan upgrading the retailer from ‘neutral’ to ‘overweight’. The sector surged 1.3%. 

The technology sector also produced moderate growth, as Wisetech Global gained 4.7% following a new leadership announcement. Life360also finished up 2.6% helping the sector surge 0.9%. 

Elsewhere, Corporate Travel Management remains suspended from accounting scandals, with £80 million of revenue set to be reversed. Suncorp led losses in the banks, shedding 3.6% as UBS cut targets following the fallout from recent Queensland storms.

On the smaller end of town, European Metals Holdings advanced a staggering 58.3% after the company was awarded a $645 million grant from the Czech government. Overnight, markets turn their attention to a reduced day of trade in the US.