The ASX 200 took a hit this week, shedding 105.8 points and closing at 8,843.6, primarily due to the healthcare sector's downturn, with Cochlear's profit guidance cut being the main culprit. This news sent the stock plummeting 40.7%, wiping out approximately $4.5 billion from its market capitalization. The broader market was dragged down by the financial sector, with Bank of Queensland (BOQ) leading the charge with a 9.1% decline after missing expectations. The healthcare sector's woes extended to CSL, which fell to a nine-year low after the US military scrapped its annual flu shot mandate, removing a key market for the biotech giant. The market's defensive corner, consumer staples, stood out with Treasury Wine Estates (TWE) gaining 16.5% after announcing a major corporate restructure. Agricultural stocks also performed well, with GrainCorp (GNC) and Cobram Estate Olives (CBO) both edging higher. In other news, BHP reached a supply agreement with China's state-backed iron ore buyer, China Mineral Resources Group, and reported a lift in copper guidance. The resources sector was generally flat, with industrial metals stocks broadly firmer as metals prices edged higher. However, the energy sector was mixed, with uranium stocks hit by a bearish lead from global uranium major Cameco. Overall, the market's performance this week was characterized by a shift towards defensive sectors and a general lack of momentum in the broader market.
