S&P/ASX 200 marks fourth straight weekly advance despite headwinds

S&P/ASX 200 (INDEXASX:XJO) fell by 53 points or 0.96% to 5497 today following a number of headwinds including Fitch cutting Australias credit rating outlook to negative.

China did not set a GDP target this year for the first time ever and protests resumed in Hong Kong against Chinas attempt to impose National Security Law.

Despite todays loss, the ASX 200 still managed to gain 1.71% this week, making it its fourth straight weekly advance.

All sectors ended the day in the red. Although mining and energy stocks fell heavily today, they were standouts this week thanks to surging commodity prices.

The price of oil is up 30% this week, gold remains near eight-year highs and iron ore has surged 20% in a fortnight.

Top gainers

Todays top gainers on the ASX include MMJ Group Holdings Ltd (ASX:MMJ) (+17.39%), Matador Mining Ltd (ASX:MZZ) (+6.12%), Kazia Therapeutics Ltd (ASX:KZA) (+5.26%) Element 25 Ltd (ASX:E25) (+8.33%), De Grey Mining Limited (ASX:DEG) (+7.41%), Yandal Resources Ltd (ASX:YRL) (+10.20%), Salt Lake Potash Ltd (ASX:SO4) (+13.68%), Titanium Sands Ltd (ASX:TSL) (+20.51%), Bryah Resources Ltd (ASX:BYH) (+38%) and Archer Materials Ltd (ASX:AXE) (+19%).

Proactive news headlines

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Core Lithium lands first European offtake deal for spodumene concentrate from Finniss

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Lithium Australia subsidiary Envirostream trials use of recycled battery products in fertilisers

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