The market finished the week at 6,140.95 , down 49.94 points from the previous week's close of 6,190.90. On Friday's trade the All Ordinaries finished down 3.15points or 0.05 per cent.
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On Monday, CSL Limited (CSL) – the largest company in Australia’s healthcare sector – rose strongly by 1.75pc. Its decision last week to upgrade its profit goals by at least US$80m for the year has triggered a number of share price target upgrades by major brokers. CSL ended the week on $183.40.
AGL Energy (AGL) finished 1.08pc higher after rejecting a $250m cash takeover from Alinta for its Liddell power station in the Hunter Valley of NSW. AGL said the deal ‘significantly undervalues’ the business. AGL went on to reaffirm plans to close its coal fired power plant in December 2022. AGL ended the week on $21.77.
On Tuesday, Healthscope (HSO) shares slid 2.4pc after the private hospital operator announced it had rejected two takeover bids. HSO also announced it is selling three under performing Victorian private hospitals which will negatively impact FY18 earnings and incur ~$85 million in write downs. HSO ended the week on $2.37.
On Wednesday, SeaLink Travel Group (SLK), which owns and operates tourist services such as Captain Cook Cruises, has rejected a proposed $4.75/share takeover offer by an unnamed firm with the share price jumping 10pc for the day. SLK ended the week on $4.35.
On Thursday, Westfield (WFD) received overwhelming shareholder support for the proposed merger with French conglomerate Unibail-Rodamco with 97.5pc approval at a vote earlier that day. WFD shares closed 0.7pc weaker following the news however then ended the week on $8.86.
At the close of weekly trading, the gold price finished at $1,309.00 per ounce, the WTI oil price traded at $67.88 a barrel, and the Australian dollar was worth US $0.7553.
In the US on Friday night, the Dow Jones finished down 58.67 points to end the week at 24,753.09.
The Share Price Index (SPI) finished down 30 points at 6,007.00 points which should lead to a negative start to today’s trade.