Financial shares led the ASX 200 market sectors last week, with a 2.37% gain over the five trading days.
The S&P/ASX 200 Index (ASX: XJO) closed the week up 0.82% to 8,209.5 points. The benchmark index leapt to a new record high of 8,246.2 points during intraday trading on Friday.
The ASX 200 was propelled northward last week by a larger-than-expected cut in United States interest rates, and Australian unemployment remaining steady at 4.2% for the month of August.
Nine of the 11 market sectors finished the week in the green.
Let's recap what happened.
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Financial shares led the ASX sectors last week
Four of the five major ASX 200 bank shares hit new price milestones on Friday.
Macquarie Group Ltd (ASX: MQG) shares charged to a new all-time high of $233.91 on Friday. The Macquarie share price lifted 1.11% to finish the week at $231.17.
Australia and New Zealand Banking Group Ltd (ASX: ANZ) shares hit a seven-year high of $31.94 on Friday. ANZ shares closed the week at $31.89, up 2.11%.
Westpac Banking Corp (ASX: WBC) shares rose 3.42% over the five days to finish at $33.57. Westpac shares smashed a six-year high of $33.65 during intraday trading on Friday.
National Australia Bank Ltd (ASX: NAB) shares also screamed up the charts last week, reaching a 17-year high of $39.77 on Friday. NAB shares closed the week at $39.67, up 3.2%.
Commonwealth Bank of Australia (ASX: CBA) shares rose by 1.36% to finish at $144.50 on Friday.
CBA was the only major bank share not to set a new multi-year high last week. That said, CBA shares did strike a new all-time record level on 10 September at $145.24 per share.
Insurance shares put in a mixed performance last week. The Suncorp Group Ltd (ASX: SUN) share price rose by 0.17% to close to $18.21 on Friday. Medibank Private Ltd (ASX: MPL) shares lost 3.18% to $3.65.
Among the investment houses and wealth managers, Washington H. Soul Pattinson and Co Ltd (ASX: SOL) shares rose 0.71% to $33.90 per share on Friday. GQG Partners Inc (ASX: GQG) shares rose 5.26% to $2.60 and the Magellan Financial Group Ltd (ASX: MFG) share price lifted 1.48% to $9.61.
Listed investment company (LIC) Argo Investments Limited (ASX: ARG) shares rose 0.79% to $8.93. Shares in financial services company AMP Ltd (ASX: AMP) fell by 0.76% to close at $1.31 on Friday.
Buy now, pay later stock Zip Co Ltd (ASX: ZIP) put in another strong week, rising 14.35% to close at $2.67 on Friday. The Zip share price hit a two-year high of $2.75 per share on Friday.
In the year to date, Zip shares have skyrocketed by 330.65%.
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 |
| Financials (ASX: XFJ) | 2.37% |
| Utilities (ASX: XUJ) | 2.31% |
| Information Technology (ASX: XIJ) | 2.2% |
| Consumer Discretionary (ASX: XDJ) | 2.09% |
| A-REIT (ASX: XPJ) | 1.79% |
| Energy (ASX: XEJ) | 1.75% |
| Materials (ASX: XMJ) | 1.67% |
| Communication (ASX: XTJ) | 1.42% |
| Consumer Staples (ASX: XSJ) | 0.11% |
| Industrials (ASX: XNJ) | (0.97%) |
| Healthcare (ASX: XHJ) | (1.91%) |
