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Australian shares end higher, but fall on week

Friday, 5 Aug 2016 15:44:55 | Thuy Ong

The ASX 200 lost 1.2 per cent for the week, ending three weeks of gains. (AFP: STR)

The Australian share market has finished the day higher, boosted by the mining and banking sectors, but still ended the week lower overall.

Markets at 5:26pm (AEST)

  • ASX 200 +0.4% to 5,497, All Ords +0.4% to 5,586
  • Major gains: Downer +6 % to $4.75, Fortescue +5.6% to $4.56, Seven Group +5% to $7.64
  • Major losses: Navitas -2.7% to $5.47, Sai global -2.6% to $3.37, James Hardie -1.9% to $21.23
  • Futures: Euro STOXX 600 +0.5% to 338.2, FTSE +0.6% to 6,733, S&P 500 +0.3% to 2,165.
  • AUD: 76.5 US cents, 58.3 British pence, 77.3 Japanese yen, 68.7 euro cents, $NZ1.062

The ASX 200 lost 1.2 per cent for the week, ending three consecutive weeks of gains. The benchmark index hit a one-year high of 5,611 earlier this week but has since slipped, pulled down by fears of an oil glut and as the Reserve Bank cut interest rates.

Among companies reporting today, Virgin Australia jumped 2.1 per cent to $0.245 after underlying profit for the full year came in at $41 million.

The Reserve Bank's statement on monetary policy released today said the risks around a housing bubble in Australia have decreased but the central bank is still worried about a housing slowdown in China. Inflation is expected to remain low for at least the next two years, with the door left open for more rate cuts in the future.

It was a better day for financial stocks, with the sector lifting 0.5 per cent. Commonwealth Bank gained 0.7 per cent, while Westpac added 0.3 per cent.

Among resource stocks, Fortescue Metals gained 5.6 per cent to $4.56, BHP Billiton lifted 3.7 per cent to $20.03, and energy firm Woodside Petroleum put on 1 per cent to $26.89.

In retail news, more than 800 jobs will be created when South Africa's Woolworths Holdings moves their Australian headquarters from Sydney to Melbourne. The company owns Australian fashion retailers David Jones and the Country Road Group.

Retailers lost ground, Wesfarmers dipped 0.6 per cent to $42.33, and rival Woolworths slipped 0.7 per cent to $23.41.

In commodities, iron ore is weaker at $US58.90 a tonne, gold rose to $US1,363 an ounce, while West Texas Crude gained ground to buy $US41.87 a barrel.

AustraliaPlus


 

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