ASX: The market was up but miners still feel pressure

The market finished the week at 5,925.90, up 23.33 points from the previous week's close of 5,902.57.

On Friday's trade, the All Ordinaries were down 138.61 points, or 0.67 per cent. 

On Monday, the ASX 200 index broke through the key 5,900-point mark after a day of solid trading, with mining stocks leading the rally along with powerful gains in the big four banks. Most sectors experienced positive results. The Australian dollar depreciated against most major currencies.

On Tuesday, Origin Energy provided half year report to shareholders. Underlying EBITDA increased by 32% or $277m to $1.15bn, driven by higher contributions from its two business units, Integrated Gas and Energy Markets. It recorded a Statutory Loss of $1.7bn principally driven by an impairment of $1.9bn. ORG added 1 cent (0.13%) to $7.46 on Tuesday and then ended the week on $7.52.

Local Business

On Wednesday, Flight Centre Travel Group strengthened its global e-commerce presence and capabilities. The Company announced that it had acquired a 24.1% interest in Bibam, an Argentina based travel and technology group with a presence in the on and offline leisure, corporate and wholesale sectors. It will pay $US7m for its 24.1% stake in Bibam. FLT climbed 32 cents (1.04%) to $31 on Wednesday then ended the week on $31.19.

On Thursday, Telcos were under continued pressure, Vocus Group (VOC) shares fell 16 cents or 4.7% to $3.21 ,Telstra (TLS) continued to retreat, falling 1.4% or 6 cents to $4.16,  after Wednesday’s 7.5% fall. The pressure is in response to TPG’s (TPM) plan to spend almost $2 billion on the construction of a rival 4G mobile network. TPM remained in a trading halt.

The miners remain under pressure in response to weaker iron ore prices, which fell 8.5% in the last few days to be down almost 17% for the week and 25% for the month. Fortescue Metals Group (FMG) led the declines, falling almost 7% after falling short of expectations on iron ore shipments in the  third-quarter.

At the close of weekly trading, the gold price finished at $1,286.75 per ounce.   

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