MARKET WATCH: McGrath MEA, Virgin Airlines and Xerox Limited

The market finished the week at 6,104.27, up 73.95 points from the previous week's close of 6,030.32. On Friday the All Ordinaries finished down -18.13 points or 0.016 per cent.     

On Monday, McGrath MEA shares fell to its lowest point since listing after the real estate business warned that its full-year earnings will be lower than expected. MEA shares had plunged by more than 22pc. MEA says it has had a weaker first four months than expected largely due to weak company owned sales and lower agent numbers. It also blamed government policy changes around foreign buyers and developers, and tightened lending requirements. MEA finished the week at $0.52 

On Tuesday, the share market traded at its highest level in almost 10 years as stronger oil and iron ore prices drove a big day of gains. The benchmark S&P/ASX200 was up 60.5 points, or 1.02pc, at 6,087 points at 16:30 AEDT, the highest since January 2008.

Virgin Australia (VAH) shares took off on Wednesday with the airliner closing 12.8pc higher following a business update at its AGM. Group revenue is 5.7pc higher on the prior corresponding period with a strong 9pc lift in domestic revenue. VAH is expecting the momentum to continue. VAH ended the week on $0.23.

On Thursday, Xero Limited (XRO) announced a narrowing of its first-half loss and posted positive pretax earnings for the first time, and that it will de-list from the NZX in favour of the ASX in February. The cloud-based accounting software firm said it will retain its Wellington headquarters but shift its listing to encourage a broader range of analyst and broker coverage and increase its relevance "to a more diverse range of large investors". XRO closed Friday’s trade at $29.11.

At the close of weekly trading, the gold price finished at 1,270.20 per ounce, the WTI oil price traded at 55.70 a barrel and the Australian dollar was worth US $0.766. In the US on Friday the Dow Jones finished down 39.73 points to 23,422.21. The Share Price Index (SPI) finished down one point which should lead to a neutral start to today’s trade.  


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