Financial shares led the ASX 200 market sectors last week, with a 2.55% gain over the five trading days.
The S&P/ASX 200 Index (ASX: XJO) closed the week up 0.64% to 7,982 points.
Financial and economic news dominated headlines last week after the Federal Government handed down its fourth budget on Tuesday.
The surprise element was a tax cut for all Australians, with the lowest tax rate reduced from 16% to 15% in FY27 and 14% in FY28.
In his formal budget reply, Opposition Leader Peter Dutton promised to halve the fuel excise for one year should the Coalition be elected.
On Friday, Prime Minister Anthony Albanese called the election for 3 May.
Meanwhile, six of the 11 ASX 200 market sectors finished the week in the green.
Let's review.
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Financial shares led the ASX sectors last week
The five major ASX 200 bank shares all finished the week higher.
Westpac Banking Corp (ASX: WBC) shares led the field with a 3.37% increase to $31.89.
National Australia Bank Ltd (ASX: NAB) shares lifted 2.49% to $34.17 apiece.
The Commonwealth Bank of Australia (ASX: CBA) share price rose by 2.38% to finish the week at $150.43.
The Macquarie Group Ltd (ASX: MQG) share price lifted 1.57% to $203.46.
Australia and New Zealand Banking Group Ltd (ASX: ANZ) shares closed the week at $29.64, up 0.85%.
Among the investment companies and wealth managers, Magellan Financial Group Ltd (ASX: MFG) shares lifted 0.51% to $7.89.
Washington H. Soul Pattinson and Co Ltd (ASX: SOL) shares rose 1.16% to $34.74.
GQG Partners Inc (ASX: GQG) shares dipped 1.36% to close at $2.18.
Among the financial services providers, AMP Ltd (ASX: AMP) shares rose 0.79% to $1.28.
The Challenger Ltd (ASX: CGF) share price rose 3.83% to $6.10.
Hub24 Ltd (ASX: HUB) shares fell 2.61% to $69.70, and Netwealth Group Ltd (ASX: NWL) shares fell 2.65% to $26.46.
Buy now, pay later share Zip Co Ltd (ASX: ZIP) slumped 6.18% to $1.75, and Block CDI (ASX: XYZ) shares fell 7.39% to $90.52.
Among the ASX 200 insurance stocks, Medibank Private Ltd (ASX: MPL) shares rose 2.73% to $4.51.
The Suncorp Group Ltd (ASX: SUN) share price lifted 2.75% to $19.41.
Insurance Australia Group Ltd (ASX: IAG) shares climbed 1.97% to $7.75.
Steadfast Group Ltd (ASX: SDF) shares lifted 0.17% to $5.83.
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) | 2.55% |
| Energy (ASX: XEJ) | 1.99% |
| Consumer Discretionary (ASX: XDJ) | 0.59% |
| Industrials (ASX: XNJ) | 0.45% |
| Utilities (ASX: XUJ) | 0.43% |
| Materials (ASX: XMJ) | 0.04% |
| Consumer Staples (ASX: XSJ) | (0.09%) |
| Communication (ASX: XTJ) | (0.16%) |
| Healthcare (ASX: XHJ) | (0.91%) |
| A-REIT (ASX: XPJ) | (2.39%) |
| Information Technology (ASX: XIJ) | (3.3%) |
