The market finished the week at 5396.74, down 43.71 points from the previous week's close of 5440.45. On Friday's trade the All Ordinaries finished up 59.64 points or 1.1 per cent.
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On Monday, the ASX index fell to a fresh two-month low near the key level of 5200 points, weighted down by heavy sell-offs among the big banks and resource stocks, amid renewed expectations that the US Federal Reserve will lift cash rate soon. All sectors delivered negative results, with health care being the worst performer. The Australian dollar depreciated against most major currencies.
On Tuesday, Fortescue Metals Group advised that it issued a US$700 million repayment notice for the 2019 Senior Secured Credit Facility. In line with its previously announced strategy, the US$700m Term Loan repayment will be made at par on September 16, 2016, generating annual interest savings of US$26m. FMG added 4 cents finishing the trading week at $4.76.
On Wednesday, Southern Cross Media Group announced that it has entered into a new six year agreement with the AFL for the radio broadcast of games and other AFL events on the Triple M Network and affiliated regional stations. The new agreement commences on November 1. AFL will be broadcast on 40 stations with Triple M Footy calling every AFL game, every week. Triple M will have FM commercial exclusivity in Melbourne, Adelaide and Perth and in addition to broadcast and simulcasting on digital radio, for the first time the Company will be streaming the games via each station's website. Southern Cross Media will deliver AFL to all States with calls of all Lions games into Brisbane, all Suns games into the Gold Coast. SXL added 4 cents closing at $1.60.
At the close of weekly trading, the gold price finished at $1,310.20 per ounce, the WTI oil price traded at $43.62 a barrel, and the Australian dollar was worth US $0.75.
In the US on Friday night, the Dow Jones finished down 88.68 points to end the week at 18,123.80.
This result has caused the Share Price Index (SPI) to end the week at 5275.