THE market finished the week at 5840.76, up 29.60 points from the previous week's close of 5811.16. On Friday's trade the All Ordinaries finished up 13.27 points or 0.23 per cent.
On Monday, the Australian market started the week with a sharp fall, dragged down by heavy losses from the big four banks and energy producers. After hitting the intraday lows, the ASX recovered slightly from early losses, led by rebounding mining stocks, but still traded well below the red line during afternoon trading. Most sectors finished lower except materials and telecommunications. The Australian dollar appreciated against most major currencies.
On Tuesday, National Storage REIT announced that it has entered into arrangements together with Leyshon Group to acquire a high quality site on Bundall Road, Bundall on the Gold Coast. The Company will invest 25 per cent and Leyshon 75 per cent to jointly develop the site. It is anticipated that 2400 square metre existing retail component of the site will be retained and enhanced, with the warehouse component redeveloped into a multi-level state-of-the-art storage centre comprising 7000sqm of net lettable area. The Bundall site will be acquired for $14.75m from the Vivlios group of companies, with settlement planned for March 2017. NSR fell slightly following the news and then ended the week on $1.45.
On Wednesday, Mesoblast announced 36-month results from the randomized, placebo-controlled 100-patient Phase 2 trial of its proprietary allogeneic Mesenchymal Precursor Cells (MPCs) in patients with chronic low back pain (CLBP) due to intervertebral disc degeneration. A single intra-discal injection of 6m MPCs resulted in meaningful improvements in both pain and function that were durable for at least 36 months. MSB ended the week on $2.12.
On Thursday, Myer Holdings announced its financial results for the 26 weeks to 28 January 2017. Total sales declined by 0.6 per cent to $1784.6m, however on a comparable store basis sales were up 0.3 per cent. Net operating cash flows improved by $6m to $218m with cash conversion maintained at 153 per cent. Net debt at the end of the period was lower by $15m resulting in a net cash position of $8.0m. MYR lost 6 cents (-5.26 per cent) on Thursday and then ended the week on $1.14.
In the United States on Friday night, the Dow Jones finished down 19.93 points to end the week at 20,914.62. This result has caused the Share Price Index (SPI) to finish down 13 points at 5770, which should lead to a negative start to Monday’s trading.