ASX 200 utilities shares led the market sectors for a second consecutive week, gaining 2.92% over the five trading days.
The S&P/ASX 200 Index (ASX: XJO) gained 0.045% over the week to finish at 7,788.1 points on Friday.
The market got a jolt on Thursday when the latest US inflation data came in stronger than expected.
Many analysts say the numbers will push back the timing of the Federal Reserve's first interest rate cut.
Five of the 11 market sectors finished the week in the green.
Let's recap.
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Utilities shares led the ASX sectors again last week
Among the larger ASX 200 utilities companies, AGL Energy Limited (ASX: AGL) led the pack.
AGL shares rose 4.89% over the five trading days to close at $9.01 per share on Friday.
There was no news out of AGL last week. My colleague Mitch reckons the company may benefit from the Future Made in Australia Act announced by the Federal Government.
Origin Energy Ltd (ASX: ORG) shares weren't too far behind, with a 4.32% gain to $9.77. The bulk of that gain came on Friday after Origin announced a major renewable energy acquisition.
Origin has a deal on the table with Virya Energy to acquire its Yanco Delta Wind Farm, which is one of the largest and most advanced wind and energy storage projects in NSW.
Utilities shares outdid materials shares by just 0.02% over the week.
Rio Tinto Ltd (ASX: RIO) shares gained 6.41% to close at $127.90 on Friday. Fortescue Ltd (ASX: FMG) shares rose 5.27% to $25.75. The BHP Group Ltd (ASX: BHP) share price gained 3.08% to $45.52.
This followed a 3.6% lift in the iron ore price over the week to US$104.20 per tonne. The bump came amid optimism that demand from Chinese steel producers will go higher from here.
ASX 200 market sector snapshot
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 |
| Utilities (ASX: XUJ) | 2.92% |
| Materials (ASX: XMJ) | 2.9% |
| Industrials (ASX: XNJ) | 1.23% |
| Information Technology (ASX: XIJ) | 0.1% |
| Healthcare (ASX: XHJ) | 0.05% |
| Consumer Discretionary (ASX: XDJ) | (0.52%) |
| Financials (ASX: XFJ) | (0.88%) |
| Communication (ASX: XTJ) | (0.92%) |
| Energy (ASX: XEJ) | (1.08%) |
| Consumer Staples (ASX: XSJ) | (1.4%) |
| A-REIT (ASX: XPJ) | (2.05%) |
