ASX 200 weekly wrap: Coles float & CBA, ANZ, NAB & Westpac higher

The Australian share market closed lower last week, as falls across the energy and mining sectors overpowered the big four banks’ gains.

Over the course of last week, the benchmark S&P/ASX 200 and the All Ordinaries were down 0.24% and 0.49% at 5,716 points and 5,793 points, respectively.

Three heavyweight sectors were in the red last week with energy down 3.76%, telecommunications down 2.57% and materials down 2.40%, while the smaller information technology sector declined 7.94%.

Canstar’s General Manager of Wealth Josh Callaghan said sharp declines in oil prices hurt the energy sector, while technology stocks experienced the heat of changing investor mindsets.

“The technology sector took a slap from the market, with Afterpay and Xero feeling the brunt of it as investors across the globe reined in their growth expectations of high-flying tech stocks,” Mr Callaghan said.

Payment technology company Afterpay saw its share price drop 12.4% over the course of last week.

Another stock that didn’t do so well was Wesfarmers as its share price adjusted to no longer having Coles supermarkets as part of its business following the demerger.

Wesfarmers’ share price fell by 28.2% with more than $14.1 billion wiped from its market value.

Coles floated on the share market last Wednesday with its shares closing at $12.75 last week.

Last Monday saw the start of the seventh and final round of the royal commission’s hearings into financial misconduct, where Commonwealth Bank and Westpac chief executives were among those to take the stand.

Despite this, the big four banks were among the best performers last week.

CBA’s shares closed 3.5% higher, Westpac’s were up 3%, ANZ shares gained 3.9% and National Australia Bank rose 3%.

ANZ and NAB executives and leaders are due to appear before the commission this week in Melbourne.