The market finished the week at 6,038.26, down 66.01 points from the previous week's close of 6,104.27.
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On Friday's trade, the All Ordinaries finished up 14.76 points or 0.24 per cent.
On Monday, Nine Entertainment (NEC) held its AGM, where CEO Hugh Marks flagged a stronger than expected start to FY18. Ad revenue and market share has improved – helped by popular shows like Australian Ninja Warrior and The Block. NEC rose 1pc following the news and ended the week on $1.52.
Aurizon (AZJ) announced it’s in early talks to acquire the Wiggins Island Coal Export Terminal in Queensland, as part of a consortium. The rail freight operator says “if successful, the consortium's proposal would provide a longterm, sustainable and economic solution for this important state and national infrastructure asset.” AZJ finished the week on $5.14.
Incitec Pivot (IPL) reported an 8pc rise in full-year net profit to $318.7 million. The fertiliser and explosives maker’s revenue rose 3.6pc to $3.5 billion – thanks to record earnings from explosives, the completion of its Waggaman plant and strength in its fertiliser division. IPL shares jumped to $3.92 on Tuesday and then ended the week on $3.96.
On Thursday, the local sharemarket managed to recover early losses to close in positive territory – snapping a four session losing streak. The market was supported by strong gains in the Energy sector, as well as improvements in the Financials, Materials, Healthcare and Telco sectors. Employment data for October was also released, showing the longest run of job gains in 23 years. Employment rose for the 13th straight month, up by 3,700 (consensus +19,000). The jobless rate came in better than expected, easing to 5.4pc versus expectations it would remain at 5.5pc.
At the close of weekly trading, the gold price finished at $1,294.40 per ounce, the WTI oil price traded at $56.75 a barrel, and the Australian dollar was worth US $0.7564. In the US on Friday night, the Dow Jones finished up 187.08 points to end the week at 23,458.36. The Share Price Index (SPI) finished down four points which should lead to a slightly negative start to today’s trade.