THE market finished the week at 5,743.519, down 29.78 points from the previous week's close of 5,773.30. On Friday's trade the All Ordinaries finished down 67.08 points or –1.16 per cent.
Magellan Financial Group announced that it intends to undertake an initial public offering ("Offer") for ordinary units ("Units") in a new ASX-listed investment trust, the Magellan Global Trust. The Magellan Global Trust will invest in a focussed portfolio of high quality global companies and intends to target a 4 per cent cash distribution yield.
The Offer will comprise a priority offer and a broker firm/general public offer. MFG added 55 cents (2.01 per cent) to $27.87 following the news and then ended the week on $25.94.
Retailer Kathmandu Holdings (KMD) has provided a trading update and profit guidance with a lift in full-year profit to between $37.4 million and $38 million, up from $33.5 million in 2016.
Ardent Leisure Group (AAD) announced that it expects to report full-year earnings of $76 million when it releases results on August 31, slightly ahead of its guidance range. The company said the earnings result was driven by a stronger-than-expected finish at its US-based Main Event business.
Commonwealth Bank (CBA) posted a profit of $9.88 billion however the market was focused on the money laundering law breaches alleged by regulator AUSTRAC. The result is up 4.6 per cent on 2016 and is the banks eighth straight record full year profit.
CEO Ian Narev faced questions about the AUSTRAC allegations, including that the bank failed to properly report 53,500 transactions that should have been flagged under money laundering laws. CBA ended the weeks trade at $80.50.
At close of weekly trading, gold price finished at $1,294 per ounce, the WTI oil price traded at $48.97 a barrel, and the Australian dollar was worth US $0.7895.
In the US on Friday night, the Dow Jones finished up 14.31 points to end the week at 21,858.320. The Share Price Index (SPI) finished down 3.00 points which should lead to a negative start to today’s trade.