ASX utilities shares led the ASX 200 market sectors last week with an impressive 4.79% gain over the five trading days. ASX energy stocks also put in an outstanding performance with a 4.34% gain over the week.
Meantime, the S&P/ASX 200 Index (ASX: XJO) booked a 1.19% lift to finish the week at 7,749 points.
Ten of the 11 market sectors finished the week in the green.
Let's recap.
Utilities shares led the ASX sectors last week
AGL Energy Limited (ASX: AGL) was this week's best-performing major utilities stock. The AGL share price swooshed 10.19% higher to $10.27 on news of the company upgrading its FY24 earnings guidance.
AGL now expects its underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) to be between $2,120 million and $2,200 million. This compares to its previous guidance of $2,025 million and $2,175 million. This represents a 56% to 61.5% jump on the FY23 underlying EBITDA of $1,361 million.
APA Group (ASX: APA) shares lifted 4.28% over the week to $8.78. Origin Energy Ltd (ASX: ORG) shares gained 3.55% to finish at $9.93. Meridian Energy Ltd (ASX: MEZ) lost 1.1% to end the week at $5.39.
Among the major ASX 200 energy stocks, Woodside Energy Group Ltd (ASX: WDS) outperformed with a 4.24% gain over the week to finish at $28.63 per share.
Fellow oil and gas producer Santos Ltd (ASX: STO) lifted 4.94% over the week to finish at $7.86 per share.
Both stocks were buoyed by the Federal Government talking up the role of gas in Australia's future.
Oil and gas commodity prices also rose this week. Brent crude oil rose 1.59% and WTI crude oil rose 2.07% following news of a surprise stockpile decline in the United States. The natural gas price shot 8.87% higher as well over the week.
Yancoal Australia Ltd (ASX: YAL) was the best performer of the major coal shares, gaining 3.84% over the five trading days to finish on Friday at $5.95 per share.
It was a big week for the ASX 200 with three major constituents releasing earnings reports.
For the six months to 31 March, Westpac Banking Corp (ASX: WBC) reported a net profit before one-offs of $3.51 billion, down 8%, Its net interest margins (NIMs) declined 0.07% to 1.89%. The bank will pay a fully franked dividend of 90 cents per share. It also announced an additional $1 billion share buyback.
Westpac shares fell 0.39% over the five trading days to finish at $26.66 apiece on Friday.
Australia and New Zealand Banking Group Ltd (ASX: ANZ) reported a statutory profit after tax of $3.41 billion for the half, down 4%. Its NIM also declined by 0.02% to 1.63%. The bank will pay an interim dividend of 83 cents per share, franked at 65%. ANZ also announced a $2 billion on-market buyback.
The ANZ share price closed the week at $29.09, up 1.01% over the five trading days.
Commonwealth Bank of Australia (ASX: CBA) delivered its third-quarter update, revealing an unaudited statutory net profit after tax (NPAT) of $2.4 billion, down 5% year over year.
CBA shares closed on Friday at $117.54, up 1.28% over the week.
Also this week, AMP chief economist Dr Shane Oliver revealed where he thinks the ASX 200 will finish the year. He also discussed the best and worst months to buy ASX shares based on historical patterns.
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) | 4.79% |
| Energy (ASX: XEJ) | 4.34% |
| A-REIT (ASX: XPJ) | 2.48% |
| Information Technology (ASX: XIJ) | 2.4% |
| Communication (ASX: XTJ) | 1.7% |
| Materials (ASX: XMJ) | 1.67% |
| Financials (ASX: XFJ) | 1.5% |
| Industrials (ASX: XNJ) | 1.35% |
| Consumer Staples (ASX: XSJ) | 0.86% |
| Healthcare (ASX: XHJ) | 0.79% |
| Consumer Discretionary (ASX: XDJ) | (0.52%) |
