ASX 200 ends slightly higher as Block leads tech surge; Kogan falls on profit slump

ASX rises slightly, but ends the week lower. Block surges on update, Magellan slumps, Incitec Pivot flags $US100m hit, Kogan dives on loss and Harvey Norman rebounds.

Markets are set for another volatile day as traders await more details out of Ukraine. Picture: Dan Himbrechts / AAP Image

Welcome to the Trading Day blog for Friday, February 25. The ASX rose much less than projected by overnight futures with several sectors finishing in the green, a day after $73bn was wiped from the market following the Russian invasion of Ukraine.

The S&P/ASX 200 index ended up by 0.1 per cent to 6997.8. The benchmark index however finished the week down by 3.1 per cent.

The Dow Jones Industrial Average closed 0.3 per cent higher in a volatile session, the S&P 500 rallied 1.5 per cent and the tech-heavy Nasdaq jumped 3.3 per cent.  Major benchmarks in Europe all closed lower.

Oil pared some of its earlier gains after the US president said the country is working with other nations to coordinate a collective release of reserves. Brent crude earlier surged as high as $105.79 a barrel. The US Nymex crude price is up 1.3 per cent to $93.32 a barrel.

Gold jumped to the highest since September 2020, with spot gold climbing as much as 3.4 per cent to $US1974.34 an ounce. Iron ore slid 0.8 per cent overnight to $US136.95 a tonne.