We saw ebb and flow among the ASX 200 market sectors this week, with property coming out on top with a 6.68% gain. This was a reversal of fortunes from last week when ASX REITs were the worst performers, dipping 4.38%.
We saw the same pattern with this week's biggest loser, utilities, which was last week's best performer.
Overall, nine of the 11 market sectors finished the week higher. The S&P/ASX 200 Index (ASX: XJO) gained 3.18% over the past five trading days to close at 6,978.2 points on Friday.
Let's review the week.
Real estate led the ASX sectors this week
According to CommSec data, this week's strongest riser among the market sectors was real estate, with the S&P/ASX 200 A-REIT (ASX: XPJ) lifting 6.68%.
The sector gain was led by the biggest real estate investment trust (REIT) by market capitalisation, Goodman Group (ASX: GMG).
The Goodman Group share price screamed 9.58% higher to $22.07 on no news. By the way, senior investment analyst Anna Milne reckons this ASX REIT is going cheap at today's price level.
Among the other big sector players, shares in Westfield shopping mall owner Scentre Group (ASX: SCG) gained 7.95% to $2.58. Stockland Corporation Ltd (ASX: SGP) shares rose 5.51% to $3.74.
The technology sector also had a good week. It rose 4.51% on the back of earnings reports from major US companies. This included buy now, pay later giant Block Inc (ASX: SQ2).
The Block share price rose 29% this week to close at $81.18 on the back of its third-quarter update.
A contagion effect appeared to lift the Zip Co Ltd (ASX: ZIP) share price 17.24% higher over the five days.
Meantime, the utilities sector erased last week's 1.73% gain. The sector dipped 4.63% this week.
Its biggest constituent Origin Energy Ltd (ASX: ORG) shares lost 8.57% over the five days to finish at $8.38 per share on Friday.
The market was disappointed with Origin's 1Q FY24 update this week.
In addition, Origin's biggest shareholder announced it would still vote no following an improved takeover offer from the Brookfield-led consortium.
The group has offered $9.53 per share, up 8.2% from the original offer of $8.81 per share.
ASX 200 market sector snapshot
Here's how the 11 market sectors stacked up this week.
Over the past five days:
| S&P/ASX 200 market sector | Change this week |
| A-REIT (ASX: XPJ) | 6.68% |
| Information Technology (ASX: XIJ) | 4.51% |
| Health Care (ASX: XHJ) | 4.3% |
| Industrials (ASX: XNJ) | 3.75% |
| Consumer Discretionary (ASX: XDJ) | 3.14% |
| Communication (ASX: XTJ) | 3.13% |
| Financials (ASX: XFJ) | 2.7% |
| Materials (ASX: XMJ) | 1.1% |
| Consumer Staples (ASX: XSJ) | -0.12% |
| Energy (ASX: XEJ) | -3.5% |
| Utilities (ASX: XUJ) | -4.63% |
