The market finished the week at 6,190.90, down 25.5 points from the previous week’s close of 6,216.40. On Friday’s trade the All Ordinaries finished down 6.3 points or 0.01 per cent.
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On Monday, Specialty Fashion (SFH) picked up further momentum, surging by 57 per cent on news it is selling its underperforming clothing brands Katies, Rivers, Millers, Autograph and Crossroads to Noni B for $31m in cash.
This leaves SFH with its most profitable City Chic operations and intends to remain listed. SFH ended the week on $0.70.
Also, on Monday Evans Dixon (ED1) rose by 8.4 per cent to $2.71, $0.21 above the initial $2.50 initial public offering (IPO) price the as the financial services group made its share market debut. ED1 has a market capitalisation of $535 million after raising $170 million from the IPO. ED1 finished the week’s trade at $2.50
On Wednesday, retail stocks were buoyed by a 16 per cent jump in the share price of Myer (MYR) despite the embattled department store recording a slide in 3Q sales by 3.1 per cent on a like-for-like basis to $635.3 million, which was slightly better than most analysts expected.
The unseasonably warm start to winter was blamed for the sales dip however online sales were up 49 per cent for the quarter. MYR ended the week on $0.45.
On Thursday Treasury Wine Estate (TWE) was down by as much as 12% on media reports of supply concerns for its wines in the key marketplace of China.
Treasury has since responded saying the “company is comfortable with the sustainability of its operating model in China”. TWE recovered slightly to close 6.2 per cent lower on the day and finished the week at $16.57.
At the close of weekly trading, the gold price finished at $1,291.30 per ounce, the WTI oil price traded at $71.28 a barrel, and the Australian dollar was worth US $0.7511.
In the US on Friday night, the Dow Jones finished up 1.11 points to end the week at 24,715.09. The Share Price Index (SPI) finished down 30 points at 6, 66.00 points which should lead to a negative start to today’s trade.