Market Wrap / weekly woes

Australian shares ended the week on uncertain footing as a tech led selloff across Asian markets weighed on sentiment. The S&P/ASX 200 gained 0.2% to 8,764 points. Over the week, the index lost 0.7%

The local information tech sector followed Wall Street lower, with data centre operator NextDC falling 4.6% and Megaport down 3.4% as investors reassessed the outlook for software demand.

Investors pivoted into consumer staples despite an announcement that the ACCC will begin monitoring supermarket pricing from July 1. Woolworths and Coles both gained to lead the sector higher.

In company news, 4DMedical slid 8.5% regardless of securing TGA approval for its imaging solution, enabling commercial deployment across Australia.

Judo Bank followed suit, continuing its dip following Thursday’s profit warning, recording a 3.8% total decline for the week.

While over in the c-suite, BHP has reshaped its leadership team, appointing Jessica Farrell as president of North America from July the 1st.

Tonight, the US trade balance for May is released.