The S&P/ASX 200 Index (INDEXASX: XJO) finished the week up by 1.6% despite exhibiting some early wobbles. The week saw continued heavy trading of real estate companies, a steadying of the oil price, the government announcement of a $1.5 billion infrastructure package, and the largest retail turnover rise in 38 years. Although most ASX shares saw gains, as always, some also lost ground for the week.
Buy now, pay later
Buy now, pay later shares continued their inexorable rise last week. The Afterpay Ltd (ASX: APT) share price rose by 12.86%, while Sezzle Inc (ASX: SZL) surged a massive 30.13%. However Zip Co Ltd (ASX: Z1P) saw its share price fall by 2.22% in the wake of likely profit taking.
Another fintech company to see a double digit rise last week was Pushpay Holdings Ltd (ASX: PPH) with a 12.13% increase on the back of updated earnings.
Discretionary retail
Better than expected retail sales figures, along with a strong progress report from Wesfarmers Ltd (ASX:WES), placed some fire under the retail discretionary sector. The ABS Retail Trade Survey found that retail turnover rose 16.3% in May. As mentioned, this was the largest seasonally adjusted rise in 38 years.
AP Eagers Ltd (ASX: APE) saw its share price jump 12.48% and Domino’s Pizza Enterprises Ltd. (ASX: DMP) also rose by 10.78%. In addition, Breville Group Ltd (ASX: BRG) saw a 13.67% rise in its share price. Lastly, small cap women’s clothing retailer City Chic Collective Ltd (ASX: CCX) saw a very impressive increase of 19.77% on its share price for the week.
Event-based ASX share price jumps
Three ASX small-cap shares stood out during the week with large-scale price rises due to specific events.
The Cardinal Resources Ltd (ASX: CDV) share price rose by 36.4% across the week on news that the company had recommended its shareholders accept a $300 million takeover deal.
The Healius Ltd (ASX: HLS) share price also jumped by 11.4% following news of a $500 million sale of its medical centres.
Tiny engineering firm Decmil Group Limited (ASX: DCG) impressed the market by raising $52.4 million via a release of new shares due to start trading on 24 June. This capital raising is almost equal to the company’s entire current market capitalisation. Decmil saw its share price surge by 23.63% following news of the entitlement offer.
Market laggards
The real estate sector has been the highest traded sector over the past three weeks. Investors appear to be split over just how significant the impact of COVID-19 will be on the retail shopping A-REITs. While many A-REITs finished last week marginally higher, two with the largest exposure to retail saw falls.
The Vicinity Centres (ASX: VCX) share price fell by 3.8% as did the Scentre Group (ASX: SCG) with a decline of 4.33% for the week.
Other significant ASX share price falls were seen by airline and travel companies. Sydney Airport Holdings Pty Ltd (ASX: SYD) fell by 6.06%. Moreover, small cap Alliance Aviation Services Ltd (ASX: AQZ) saw its share price dive by a worrying 7.81%. This included a 2.64% tumble on Friday following the company’s announcement of a $30 million share purchase program, which was on top of its recent $90 million dollar capital raising.
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More reading
- Why Kogan, Sezzle, & Splitit shares just hit record highs
- ASX 200 Weekly Wrap: ASX back in the green
- Are these small cap ASX tech shares the next Afterpay or Appen?
- Top brokers name 3 ASX 200 shares to buy next week
- Where I would invest $50,000 into ASX shares immediately
Daryl Mather owns shares of Sezzle Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended PUSHPAY FPO NZX. The Motley Fool Australia owns shares of AFTERPAY T FPO and Wesfarmers Limited. The Motley Fool Australia has recommended Domino’s Pizza Enterprises Limited, Scentre Group, and Sezzle Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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