Iron ore rally not enough to offset healthcare losses, All Ords falls on Friday, Block surges, QBE tanks on profit concerns

The local market finished the week with a weaker tone, falling 0.3 per cent as strength in the materials sector, up 1.4 per cent, was not enough to overcome broader weakness. Fortescue Metals Group Limited (ASX: FMG) was the first company to obtain a 3 billion dollar syndicated loan from China, with shares rallying 1.8 per cent on the news, alongside an improving iron ore price. The healthcare sector remains under pressure, as Pro Medicus Limited (ASX: PME) fell 3.6 per cent amid a broader rotation out of quality and into cyclical companies. Insurer QBE Insurance Group Limited (ASX: QBE) delivered a solid profit result, with management on track to hit 1.6 billion dollars for the full year; however, shares tanked by more than 8 per cent as analysts questioned the treatment of prior year’s reserves and their contribution to profit. Block Inc (ASX: SQ2), owner of Afterpay, gained 8.3 per cent as the company delivered record income for the quarter, with gross profit up 14 per cent on the prior quarter amid US growth in Afterpay. Fund manager GQG Partners Inc (ASX: GQG) suffered a near 15 per cent drop as the company flagged the loss of a 1 billion US dollar mandate, albeit on a pool exceeding 150 billion US dollars. Shares in XPLAN provider Iress Limited (ASX: IRE) also gained strongly, as the company benefited from a stalled takeover bid by private equity giant Blackstone Inc (NYSE: BX), with shares gaining 12 per cent on the news. The S&P/ASX 200 Index (ASX: XJO) managed a 1.7 per cent gain for the week, led by the materials and retailing sectors.

Nasdaq surges to record high, Apple has best week since 2020, Fannie Mae, Freddie Mac to issue shares

The technology sector continued to defy expectations, with the NASDAQ Composite Index (NASDAQ: IXIC)outperforming on Friday, gaining 1 per cent and taking the weekly gain to just under 4 per cent. Apple Inc (NASDAQ: AAPL) surged another 4 per cent on the back of its announcement of plans to spend 100 billion US dollars in domestic manufacturing capabilities — its best week since 2020. The S&P 500 Index (NYSE: SPX) and the Dow Jones Industrial Average (INDEXDJX: DJI) followed, adding 0.5 and 0.8 per cent respectively, but sentiment remains positive amid conversations between the US and Russia seeking to end the Ukraine–Russia war. Lending institutions Fannie Mae and Freddie Mac are set to issue shares once again as they continue their return post-GFC. Meta Platforms Inc (NASDAQ: META) has reportedly funded its 29 billion US dollar data centre expansion with the help of fixed income giant PIMCO and Blue Owl Capital Inc (NYSE: OBDC), while SoftBank Group Corp (TYO: 9984) is buying the Foxconn EV plant to convert it into its own Stargate data centre project. Expedia Group Inc (NASDAQ: EXPE) surged more than 4 per cent after flagging stronger than expected US bookings.