Communication services shares led the ASX 200 market sectors with a 1.62% rise over the five trading days last week.
Meanwhile, the S&P/ASX 200 Index (ASX: XJO) experienced a significant decline, falling 3.03% to close at 8,296.2 points on Friday.
The positives from the highly-anticipated interest rate cut announced by the Reserve Bank last week were offset by disappointing earnings results from some of the major ASX companies.
They included three of the 'Big Four' ASX 200 banks, which dragged the financials sector 7.49% lower.
Only four of the 11 market sectors finished the week in the green.
Let's recap.
A strong 1H FY25 report from the sector's largest company by market cap, Telstra Group Ltd (ASX: TLS), on Thursday, was partly responsible for the sector's lead this week.
The Telstra share price lifted 7.65% over the week to close at $4.15 per share on Friday. The stock hit a new 52-week high of $4.16 on Friday.
Telstra reported a 6% rise in underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) to $4.25 billion and a 7.1% bump in net profit after tax (NPAT) to $1.1 billion for 1H FY25.
Nine Entertainment Co Holdings Ltd (ASX: NEC) and Domain Holdings Australia Ltd (ASX: DHG) shares were also major movers last week.
Nine owns Domain, which runs the online property classifieds site, domain.com.au.
Last week, both stocks surged when they announced that Domain had received a takeover offer from US property data company CoStar Group, Inc. (NASDAQ: CSGP).
CoStar has offered to buy Domain for $4.20 cash per share, which was a 34.6% premium on the last closing price.
The Domain share price skyrocketed 49.7% on Friday to a three-year high of $4.67 before closing at $4.37. Nine shares soared by 20.14% on Friday and closed at $1.73.
Among other ASX 200 communication shares last week, the Seek Ltd (ASX: SEK) share price lifted 3.25% to close at $25.44 on Friday.
Seek reported its 1H FY25 results on Tuesday. Despite reporting a 28% decline in adjusted profit to $77 million, Seek increased its interim dividend by 26% to 24 cents per share.
TPG Telecom Ltd (ASX: TPG) shares lifted 2.99% to $4.48 despite no news from the telco.
Shares in New Zealand's largest telecommunications infrastructure company, Chorus Ltd (ASX: CNU), rose by 2.17% over the week to $8 per share.
The worst performing sector last week was the ASX 200 financials, largely due to the market's disappointment with the 1Q FY25 reports from three of the 'Big Four' banks.
National Australia Bank Ltd (ASX: NAB) shares were the hardest hit, tumbling 12.89% over the week to finish at $35.08 on Friday.
ANZ Group Holdings Ltd (ASX: ANZ) shares fell 6.27% to close at $28.79 on Friday.
The Westpac share price declined 5.91% to $31.03.
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 |
| Communications (ASX: XTJ) | 1.62% |
| Utilities (ASX: XUJ) | 1.14% |
| Consumer Staples (ASX: XSJ) | 0.89% |
| Healthcare (ASX: XHJ) | 0.12% |
| Materials (ASX: XMJ) | (0.26%) |
| Industrials (ASX: XNJ) | (0.3%) |
| A-REIT (ASX: XPJ) | (1.22%) |
| Information Technology (ASX: XIJ) | (1.24%) |
| Consumer Discretionary (ASX: XDJ) | (2.95%) |
| Energy (ASX: XEJ) | (3.98%) |
| Financials (ASX: XFJ) | (7.49%) |
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