THE market finished the week at 5518, down 30 points from the previous week’s close of 5548. The All Ordinaries finished down 0.2 points or 0.003 per cent.
One of the best performing businesses was BT Investment, up 10 per cent over the week.
The fund manager surged following better than expected quarterly results, which showed the group had not been impacted to the extent feared from the UK’s Brexit vote. Cash under management increased by $4.3 billion. The firm generates a large portion of its profits from its UK operations and closed the week at $9.81.
CSL has provided its chairman’s address to the company AGM. For the year ended June 30, the company reported net profit after tax of US$1.242 billion or in constant currency, US$1.357 billion. The company’s reported total revenue reached US$6.129 billion.
Investment in research and development is critical for future growth and the company invested US$614 million across the group in 2016. CSL climbed following the news and ended the week at $105.65. Origin Energy announced the successful extension of $4.51 billion of bank debt maturing in December 2018 to a new five-year maturity of October 2021. The existing limit of the bank’s debt remains unchanged at $7.4 billion, comprising $2.9 billion maturing in December 2019 and $4.51 billion maturing in October 2021. The company holds $6.6 billion of committed and undrawn debt. Origin ended the week on $5.54.
Iluka Resources tumbled almost six per cent following a broker downgrade. The downgrade follows Iluka’s announcement last Thursday that its mineral sands production fell 9.6 per cent in the September quarter. Iluka finished the week at $5.52.
The gold price finished at $1259.40 per ounce, the WTI oil price traded at $50.90 a barrel, and the Australian dollar was worth US $0.76088. The Dow Jones finished up 39.44 points to end the week at 18,138.38. This result caused the Share Price Index to finish down three points to end the week at 5414, which should lead to a neutral start to trading.