ASX 200 buyers stepped in at the opening bell after four straight losing sessions, but by the close of trade the index had edged into negative territory as the mining selloff continues.

The ASX 200 Materials index followed yesterday’s 3.68% fall — its largest drop since May 2020 — by losing another 0.8% to finish sharply lower for the week.

The large consumer sectors — consumer staples and consumer discretionary — continued to outperform amid falls in the major sectors, as the ASX 200 Financials index also lagged with a 0.19% drop.


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Gains were led by ecommerce company Redbubble (ASX:RBL), which became a large cap in the post-COVID online sales surge after its share price rose from 50c to above $7.

It subsequently fell back to almost $3, but closed at $4.24 today following two straight double-digit returns around the release of yesterday’s full-year results.

The company also announced today that San Francisco-based investment management firm Osmium Partners had become a substantial shareholder in the business.

WA-based nickel play Western Areas (ASX:WSA) also rose strongly, as markets deduced that it may become the subject of a bidding war after it advised that Wyloo Metals — a company owned by Twiggy Forrest — had built a 5.28% stake in the company.

The news came one day after WSA confirmed it was in preliminary discussions with IGO Ltd on a potential takeover bid.


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Among the laggards, medical device giant Cochlear (ASX:COH) was the only stock with news.

The company announced record sales of $1.4bn at its full-year results, with net profit increasing by 54% to $237 million.

It also hiked its full-year dividend by 59% to $2.55 per share, but investors sent the stock more than 7% lower in Friday trade.