ASX 200 utilities shares led the market sectors last week but finished barely in the green with just a 0.04% uptick over the five trading days.
Last week was one of the most volatile weeks for the S&P/ASX 200 Index (ASX: XJO) in many months.
Overall, the benchmark index fell 2.08% over the week to finish at 7,777.7 points on Friday.
A 1.4% bounceback on Friday saw the index recover some of the week's losses.
The erratic trading last week was largely due to recent economic reports out of the United States.
Initially, a weak jobs report and a soft ISM Manufacturing PMI report put investors into a fear mode that the world's largest economy was slowing faster than we'd realised and was perhaps on the way to recession.
Then overnight on Thursday, a new report showing US weekly initial jobless claims had fallen more than expected quelled investors' worries.
As a result, Wall Street had a good session on Thursday night, which set up a positive day for the ASX 200 on Friday.
Ten of the 11 market sectors closed out the week in the red.
Let's recap a topsy-turvy week.
Utilities shares led the ASX sectors last week
Just 22 companies comprise the utilities sector. Let's review the performance of the six largest players.
AGL Energy Limited (ASX: AGL) delivered the best share price growth of the six biggest companies last week. Despite no official news, the AGL share price lifted 3.64% over the five trading days to $10.82.
Origin Energy Ltd (ASX: ORG) shares rose by 1.84% to $10.49. Last week, the company's only announcement was that it would hold its annual general meeting on 16 October.
APA Group (ASX: APA) shares rose 0.13% over the five trading days to finish at $7.86.
Mercury NZ Ltd (ASX: MCY) shares dropped 5.99% over the week to finish at $5.96 apiece on Friday.
Meridian Energy Ltd (ASX: MEZ) shares fell 3.39% to $5.70 apiece. The company announced it would release its full-year FY24 results on 28 August.
Genesis Energy Ltd (ASX: GNE) shares lifted 0.49% to $2.06 apiece. Last week Genesis announced it would release its full-year FY24 report on 22 August and hold its annual shareholder meeting on 15 October.
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) | 0.04% |
| Healthcare (ASX: XHJ) | (0.01%) |
| Consumer Staples (ASX: XSJ) | (0.9%) |
| Communication (ASX: XTJ) | (1.25%) |
| Industrials (ASX: XNJ) | (1.43%) |
| Consumer Discretionary (ASX: XDJ) | (1.57%) |
| A-REIT (ASX: XPJ) | (1.9%) |
| Materials (ASX: XMJ) | (2.54%) |
| Financials (ASX: XFJ) | (2.57%) |
| Information Technology (ASX: XIJ) | (3.64%) |
| Energy (ASX: XEJ) | (4.92%) |
Foolish takeaway
Last month, AMP Ltd (ASX: AMP) chief economist Dr Shane Oliver warned of "a more volatile and constrained outlook with a high risk of a correction in the seasonally weak August/September period…".
He added:
The risk of recession remains high, as the full impact of rate hikes is yet to show up due to normal lags and as the economy has been protected to some degree by pandemic savings buffers.
AMP expects the ASX 200 to finish the year at about 8,100 points.
