Communication services shares led the ASX 200 market sectors last week with a 2.14% increase over the five trading days.
Meantime, the S&P/ASX 200 Index (ASX: XJO) lost 0.58% to finish the week at 7,943.2 points.
The benchmark index hit a new all-time high of 8,148.7 points on Thursday. This followed a surge on Wall Street sparked by the United States Federal Reserve's decision to leave interest rates on hold again.
Eight of the 11 market sectors finished the week in the green.
Let's go around the grounds.
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Communications shares led the ASX sectors last week
Among the major ASX 200 communication services stocks, Telstra Group Ltd (ASX: TLS) shares rose 1.42% to finish the week at $3.92 apiece.
The ASX telco did not release any news last week. Top broker Goldman Sachs currently has a buy rating on Telstra shares and a 12-month price target of $4.30.
The REA Group Ltd (ASX: REA) share price rose 0.62% to finish at $197.95. On Thursday, REA shares were among many ASX stocks that hit new all-time record high prices. The REA share price peaked at $208.03.
The online classifieds business had no price-sensitive news to release last week but did announce it would hold its annual general meeting on 9 October.
Shares in fellow online classifieds business CAR Group Limited (ASX: CAR) fell 0.73% over the week to close on Friday at $34.20. Car Group had no news for the market last week. Goldman has a buy rating and a 12-month share price target of $41.40 on Car shares.
The TPG Telecom Ltd (ASX: TPG) share price rose 0.33% to reach $4.60 on Friday.
TPG was hit with a broker downgrade last week. Goldman Sachs put a sell rating on the ASX telco stock and cut its 12-month share price target to $4.35.
Seek Ltd (ASX: SEK) shares had a ripper week, lifting 7.31% to close at $22.03 on Friday. The online jobs advertiser did not release any price-sensitive news last week.
The Spark New Zealand Ltd (ASX: SPK) share price also had a great week, rising 6.74% to $4.04 by Friday. Spark did not release any news, however it scored an upgrade from Goldman to a neutral rating. The broker has a 12-month share price target of $4.50. The broker points out that Spark shares offer the highest dividend yield in the telco sector with an estimated consensus expectation of 6.5% in FY24.
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 |
| Communication (ASX: XTJ) | 2.14% |
| Information Technology (ASX: XIJ) | 1.93% |
| A-REIT (ASX: XPJ) | 1.6% |
| Utilities (ASX: XUJ) | 1.3% |
| Energy (ASX: XEJ) | 1.07% |
| Consumer Staples (ASX: XSJ) | 0.72% |
| Consumer Discretionary (ASX: XDJ) | 0.7% |
| Industrials (ASX: XNJ) | 0.59% |
| Healthcare (ASX: XHJ) | (0.36%) |
| Financials (ASX: XFJ) | (0.21%) |
| Materials (ASX: XMJ) | (0.21%) |
