THE market finished the week at 5251.40, down 54.05 points from the previous week’s close of 5305.45. The All Ordinaries finished down 8.3 points or 0.15 per cent on Friday’s trade.
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BHP Billiton slipped by 2.1 per cent on Monday, as question marks remained over the sustainability of its dividend and the rising compensation bill from the Brazil disaster a fortnight ago. BHP shares are trading near seven-year lows, finishing the trading week at $18.77.
Woolworths was a standout, rising by 3.9 per cent after speculation two global private equity firms, TPG and Blackstone Group, are discussing plans to jointly acquire Big W. WOW shares have surged closing at $23.76.
Dairy products maker A2 Milk jumped by 9.4 per cent on Tuesday. The week prior, the $790m milk producer said it had made a better than anticipated start to the financial year and was expecting $22 million in underlying profits for the year. Its infant formula has emerged as a driving force of earnings. A2M sold $38m of its A2 Platinum Infant Formula in just four months. A2M ended the week at $1.06. The local share market closed in the middle of the day’s range on Thursday, with gains from banking and healthcare stocks outweighing losses in the energy and materials sectors.
The financial sector climbed 0.7 per cent, with Commonwealth Bank rallying 1.5 per cent, while Westpac Bank improved by 1.2 per cent. Bank of Queensland ended down 2.5 per cent after its chief warned competition for new business and the low interest rate environment would reduce the full impact of its recent increase in margins.
Gains in healthcare stocks also supported the market on Thursday, jumping 1.1 per cent. CSL rose to $99.65, while Regis Healthcare (REG) finished at $6.05.
At the close of weekly trading, the gold price finished at $1056.20 per ounce, the WTI oil price traded at $41.77 a barrel and the Australian dollar was worth US $0.72.
The Dow Jones finished down 14.9 points to end the week at 17,798.49. The result caused the Share Price Index (SPI) to move down one point to 5206 which should lead to a negative start to today’s trading.