Here's how the ASX 200 market sectors stacked up last week

ASX utilities shares led the 11 market sectors for a third consecutive week.

A man stands at the bottom of a spiral staircase looking up.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

ASX 200 utilities shares led the market sectors for a third consecutive week but only on very small gains.

Utilities shares rose 0.14% over the five trading days, while the other sectors spent the week in the red.

It was a tough week of trading, starting with a horror day on Monday. The ASX 200 dove 1.81%, or 140 points, due to fears of a delay in the first US interest rate cut because of sticky services inflation.

Then on Friday, we saw a dramatic afternoon dip in the ASX 200 following Israel's strike on Iran.

The benchmark index tumbled to a two-month low of 7,492.6 points in the hours after the news broke and several ASX 200 shares struck new 52-week lows.

Overall, the S&P/ASX 200 Index (ASX: XJO) lost 2.43% over the week to finish at 7,567.3 points on Friday.

Western nations are very concerned about Iran becoming involved in the conflict between Israel and Gaza. Not only would this escalate the conflict, likely causing further loss of life and additional destabilisation of the Middle East, but it would also likely impact oil supplies and, thus, oil prices.

AMP chief economist Dr Shane Oliver explains how Iran's involvement could impact oil prices:

This would threaten Iran's 3% of world oil production and the flow of oil through the Strait of Hormuz (through which roughly 20 million barrels a day or 20% of world oil production flows mainly enroute to Asia).

Another sharp spike in oil prices would be a threat to the economic outlook as it could boost inflation again and risk adding to inflation expectations, potentially resulting in higher than otherwise interest rates and act as a tax hike on consumers, leaving less to spend on other things.

Also in the news this week, direct share ownership in Australia reached a record high of $1.4 trillion.

Utilities shares led the ASX sectors last week

AGL Energy Limited (ASX: AGL) was this week's best-performing major ASX 200 utilities stock.

AGL shares rose 2.51% over the five trading days to close at $9.20 on Friday.

Origin Energy Ltd (ASX: ORG) shares gained 0.41% to finish at $9.76.

Meanwhile, ASX property shares took a beating last week.

Strong inflation and jobs data from the US have prompted many analysts to revise their predictions on the timing of the first interest rate cut.

ASX 200 property stocks and real estate investment trusts (REITs) are among the most rate-sensitive of the market sectors, so this is why they struggled last week.

Among the biggest players in the sector, Goodman Group (ASX: GMG) shares fell 4.6% last week to close at $30.49 on Friday. Stockland Corporation Ltd (ASX: SGP) shares lost 3.84% to $4.38 per share.

Some investors fear a delayed US interest rate cut may influence central banks in other Western nations, like Australia.

However, CBA has retained its prediction of a September rate cut in Australia and ANZ is still tipping November.

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 sectorChange last week
Utilities (ASX: XUJ)0.14%
Consumer Staples (ASX: XSJ)(1.79%)
Energy (ASX: XEJ)(2.07%)
Materials (ASX: XMJ) (2.17%)
Industrials (ASX: XNJ) (2.94%)
Communication (ASX: XTJ)(2.97%)
Financials (ASX: XFJ)(3.09%)
Consumer Discretionary (ASX: XDJ)(3.15%)
Information Technology (ASX: XIJ)(3.23%)
Healthcare (ASX: XHJ) (3.77%)
A-REIT (ASX: XPJ) (3.8%)

Motley Fool contributor Bronwyn Allen has positions in Goodman Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goodman Group. The Motley Fool Australia has recommended Goodman Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

Man with a sleep apnoea mask on whilst sleeping.
Broker Notes

ResMed shares higher as company 'turns the GLP threat into an opportunity': Fundie

ResMed is having a great run in 2024 with the share price up 29% already.

Read more »

Silhouettes of nine people climbing a steep mountain to the top at sunset, and helping each other along the way.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a fairly grim day for ASX shares this Tuesday.

Read more »

Two miners standing together.
Materials Shares

Buy one, sell the other: Goldman's verdict on these 2 ASX lithium shares

The broker says lithium prices will not bottom until 2025. Here's what you should do in the meantime.

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Infratil, James Hardie, Sonic Healthcare, and Star Entertainment shares are sinking today

These shares are having a tough session on Tuesday. But why?

Read more »

A man clenches his fists in excitement as gold coins fall from the sky.
Share Gainers

Why ALS, OFX, Skycity, and TechnologyOne shares are surging today

These shares are having a strong session on Tuesday. But why?

Read more »

Male doctor in a lab coat working at laptop looking serious.
Share Fallers

Why this ASX 200 healthcare stock is tumbling 6% today

Inflation pressures are claiming another victim as this healthcare giant lowers its FY24 expectations.

Read more »

A man sitting at a computer is blown away by what he's seeing on the screen, hair and tie whooshing back as he screams argh in panic.
52-Week Lows

3 ASX 300 shares hitting new 52-week lows: Are they cheap buys?

What's sending these shares down to new lows today?

Read more »

Woman checking out new iPads.
Retail Shares

Dump 'em! Top broker says sell these 3 ASX retail shares

This comes amid high interest rates, weak retail sales, and persistently negative consumer sentiment.

Read more »