S&P/ASX 200 Index (ASX: XJO) consumer staples and healthcare were the only two sectors in the green last week.
The traditionally defensive sectors found favour during tough trading as investors braced for an interest rate hike on Tuesday.
The benchmark index fell 0.76% over the week to close at 8,665 points, after hitting a 15-week intraday low on Friday.
Traders are pricing in a 95% chance of the Reserve Bank (RBA) raising the cash rate to 4.6% this week.
Many experts expect another rate hike in November, which would be the fifth this calendar year.
Inflation remains above the RBA's 2% to 3% target, and last week the Governor, Michele Bullock, spoke of "materialising" upside risks.
On Friday, Trading Economics analysts said:
Markets are pricing a 95% chance of a 25-bp hike to 4.60% in September and a possible peak around 5.10%.
Meanwhile, uncertainty surrounding US-Iran negotiations kept oil prices elevated, fueling inflation concerns and a renewed selloff in global bond markets, while strong US business activity has increased bets for another Fed hike, boosting the greenback.
The US Federal Reserve raised interest rates for the first time in three years this month.
Image source: Getty Images
Consumer staples shares led the ASX sectors last week
While consumer staples and healthcare did best last week, both sectors moved only slightly higher.
ASX 200 consumer staples shares rose 0.78% and healthcare edged just 0.09% higher.
Let's take a look at some specifics.
The Woolworths Group Ltd (ASX: WOW) share price rose 0.63% to $38.47 per share.
The Coles Group Ltd (ASX: COL) share price edged 0.3% higher to $23.19.
Endeavour Group Ltd (ASX: EDV) shares increased 3.1% to $2.99.
Inghams Group Ltd (ASX: ING) shares ripped 10.99% to $2.12 after PSP Investments took a 5.62% stake.
ASX 200 wine share Treasury Wine Estates Ltd (ASX: TWE) lifted 5.24% to $5.42.
The Bega Cheese Ltd (ASX: BGA) share price rose 1.33% to $6.08.
ASX 200 agricultural share Graincorp Ltd (ASX: GNC) rose 0.15% to $6.57.
The Elders Ltd (ASX: ELD) share price lifted 0.31% to $6.38.
The A2 Milk Company Ltd (ASX: A2M) share price descended 5.5% to $6.65.
Almond food producer Select Harvests Ltd (ASX: SHV) fell 2.93% to $4.31 per share.
Australian Agricultural Company Ltd (ASX: AAC) shares lost 0.77% to close at $1.29.
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 |
| Consumer Staples (ASX: XSJ) | 0.78% |
| Healthcare (ASX: XHJ) | 0.09% |
| A-REIT (ASX: XPJ) | (0.2%) |
| Consumer Discretionary (ASX: XDJ) | (0.51%) |
| Financials (ASX: XFJ) | (0.63%) |
| Industrials (ASX: XNJ) | (0.76%) |
| Materials (ASX: XMJ) | (0.84%) |
| Information Technology (ASX: XIJ) | (1.01%) |
| Energy (ASX: XEJ) | (1.55%) |
| Communication (ASX: XTJ) | (2.91%) |
| Utilities (ASX: XUJ) | (5.23%) |
Check out the 15 ASX shares going ex-dividend next week.
