Only one of the 11 market sectors finished the week higher, with the S&P/ASX 200 Index (ASX: XJO) losing 1.96% in value over the past five trading days.
The ASX 200 closed the session on Friday at 6,900.7 points.
Let's look at which sectors were the best and worst performers this week.
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Energy led the ASX sectors this week
According to CommSec data, this week's only riser among the market sectors was energy, with the S&P/ASX 200 Energy Index (ASX: XEJ) ascending 2.67%.
There was a lot of exciting news in the energy sector this week.
ASX 200 energy shares got a positive start to the week on the back of rising oil prices. The WTI crude oil price rose by 3.4% this week to US$89.21 a barrel late on Friday. The Brent crude oil price increased by 2.54% to US$93.10 a barrel. These are the highest oil prices we've seen since November 2022.
Of course, this is being driven by the worst of reasons — a new war in the Middle East, which may cause new ructions in the global oil supply chain.
Global energy strategist at Rabobank, Joe DeLaura, said "we're headed to $100 [a barrel] no matter what this quarter". AMP chief economist Dr Shane Oliver says oil prices could go above $US150 if Iran gets involved in backing Hamas and Israel attacks them in return.
In other big sector news, Whitehaven announced the $5 billion acquisition of the Daunia and Blackwater metallurgical coal mines owned by BHP Group Ltd (ASX: BHP). The following day, a major investor offloaded $157.5 million worth of shares. Whitehaven shares rose by 10.1% to $7.54 over the week.
Origin Energy Ltd (ASX: ORG) set a date for shareholders to vote on its takeover next month. Origin shares lost 1.18% over the past five days to close on Friday at $9.19. The Origin share price is now higher than the takeover price, which company chair Scott Perkins discussed at the AGM on Wednesday.
Santos Ltd (ASX: STO) reported quarterly results, and its shares gained 3.95% this week. Woodside Energy Group Ltd (ASX: WDS) also reported quarterly numbers, and its shares rose 1.1% this week.
Beach Energy Ltd (ASX: BPT) announced a new gas discovery, and its share price gained 1.9% over the week.
The biggest faller of the market sectors this week was information technology, with the S&P/ASX 200 Information Technology Index (ASX: XIJ) falling 5.07%.
Among the worst hit was Janison Education Group Ltd (ASX: JAN). The stock tanked 36% this week after the bombshell announcement that the CEO and chair were leaving immediately. On top of that, Janison announced a 10% decline in EBITDA in 1Q FY24. Janison Education shares closed on Friday at 25 cents.
ASX 200 market sector snapshot
Here's how the 11 market sectors stacked up this week.
Over the past five days:
| ASX market sector | Change this week |
| S&P/ASX 200 Energy (ASX: XEJ) | 2.65% |
| S&P/ASX 200 Materials (ASX: XMJ) | -1.57% |
| S&P/ASX 200 Communication (ASX: XTJ) | -2.04% |
| S&P/ASX 200 Consumer Staples (ASX: XSJ) | -2.19% |
| S&P/ASX 200 Utilities (ASX: XUJ) | -2.26% |
| S&P/ASX 200 A-REIT (ASX: XPJ) | -2.35% |
| S&P/ASX 200 Financials (ASX: XFJ) | -2.44% |
| S&P/ASX 200 Industrials (ASX: XNJ) | -2.73% |
| S&P/ASX 200 Health Care (ASX: XHJ) | -3.33% |
| S&P/ASX 200 Consumer Discretionary (ASX: XDJ) | -3.44% |
| S&P/ASX 200 Information Technology (ASX: XIJ) | -5.07% |
