The market finished the week at 5,870.91, up 7.11 points from the previous week's close of 5,863.80. On Friday's trade the All Ordinaries finished down 41.09 points or 0.70 per cent.
On Monday, the local market opened higher on the back of gains on Wall Street overnight with the global market responding confidently to the French election result. The positivity continued throughout the day as stocks remained above the flat-line until close, buoyed by the big four banks half year results and commodities. There were mixed results from the sectors; energy and health care gained most significantly while telecommunications were the biggest laggard for the session.
On Tuesday, Crown Resorts announced that its wholly owned subsidiary, Crown Asia Investments (CAI), has entered an agreement with Melco Resorts & Entertainment for the repurchase of its remaining interest in Melco Resorts. CAI has agreed to sell 165.3m Melco Resorts ordinary shares for a price of US$7.04 per Melco Resorts ordinary share.
On Wednesday, CSR reported an 11 per cent increase in net profit after tax to $183.8m for the year ended 31 March 2017. It has continued its track record of growth in earnings which improved for the fourth consecutive year, resulting in full-year earnings reaching a five-year high. It was driven by a significant increase in earnings from Building Products, which delivered a record EBIT of $202.8m, up 21 per cent.
On Thursday, Myer Holdings announced that the company continued to invest in its wanted brands strategy by acquiring the brands, intellectual property, and inventory of both Marcs and David Lawrence. MYR fell 3.5 cents to $0.98 following the news and then ended the week on $0.945.
At the close of weekly trading, the gold price finished at $1,227.80 per ounce, the WTI oil price traded at $48.14 a barrel.
In the US on Friday night, the Dow Jones finished down 22.81 points to end the week at 20,896.61. This result has caused the Share Price Index (SPI) to finish up 6 points which should lead to a positive start to today’s trade.