CSL boosts Chinese presence

The market finished the week at 5808.20, up 92.74 points from the previous week's close of 5715.46.

On Friday's trade, the All Ordinaries finished up 17 points or 0.02 per cent.  

On Tuesday, CSL said it had agreed to acquire 80 per cent equity of plasma-derived therapies manufacturer Wuhan Zhong Yuan Rui De Biological Products from Humanwell Healthcare Group for $US352m.

The transaction will give the company a strategic presence in the Chinese domestic plasma fractionation market and complements the leadership position that its Company Behring business has built over the past 20 years.

CSL added $2.60 (1.93 per cent) to $137.65 on Tuesday and then ended the week on $139.

On Thursday’s trade, Ten Network Holdings confirmed they had entered into voluntary administration and had appointed KordaMentha as administrators.

The television broadcaster has a $200 million loan facility that is due to be repaid in December, yet TEN doesn’t have the cash to pay the liability.

TEN shares remain suspended from trade, and last traded at $0.16 a share.

Origin energy has confirmed it has followed other providers by increasing power prices by up to 20 per cent. This comes at a time when household budgets are already under pressure from low wages growth and high household debt levels. ORG finish the week at $7.17

On Friday, the a2 Milk Company (A2M) provided an update to the market of the group’s 2017 financial year outlook.

Due to continued strong demand for their infant formula, the group has forecast revenue to be about $NZ545million for the year, which is an increase of $NZ20 million from the previous update.

A2M finish the week’s trade and $3.69 which is a 10.15 per cent increase.

During the week the May jobs report was released. Employment rose by 42,000 in May, which was much better than the 10,000 increase economists had been expecting. Full-time jobs rose by 52,000, while part-time jobs fell by 10,100.