The market finished the week at 6,289.70, down 32.4 points from the previous week's close of 6,322.10. On Friday's trade the All Ordinaries finished down 16.10 points or 0.26 per cent.
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On Monday, CBA dropped 2.3pc, or $1.70, to $72.16, for its biggest intraday fall in nearly seven weeks, after saying it would step up plans to offload its wealth management businesses as it looks to become a smaller, lending-focused bank. CBA ended the week on $72.87.
On Tuesday, mining stocks fell on a retreat in steel prices, with Sims Metal, Rio Tinto and BlueScope down between 1.8 and 3.1pc and BHP 1pc lower at $32.64. BHP announced an agreement with Brazilian authorities that set terms for settling a lawsuit over the fatal Samarco mine disaster in 2015. BHP ended the week on $33.91.
On Wednesday, the energy sector was the strongest performer, supported by oil prices rising more than 2pc after US officials told oil importers to stop buying oil from Iran from November. Oil prices were also supported by supply disruptions in Libya and Canada. Woodside Petroleum, Santos and Origin Energy gained between 0.6 and 2.2pc.
The rising oil price was also likely to be behind the dip in Qantas shares, given fuel is a crucial input for airlines. Qantas also announced former Wesfarmers boss Richard Goyder will be its new chairman. QAN share price fell 2.7pc to $6.16 on Wednesday and then ended the week on $6.16.
On Thursday, AMP shares remained at a 15-year low after news that ASIC launched Federal Court action against the wealth manager over allegations its advisers pushed customers into less suitable insurance policies to win commissions. AMP ended the week on $3.56.
At the close of weekly trading, the gold price finished at $1,249.50 per ounce, the WTI oil price traded at $73.28 a barrel, and the Australian dollar was worth US $0.7405.
In the US on Friday night, the Dow Jones finished up 55.36 points to end the week at 24,271.41. The Share Price Index (SPI) finished up 23.00 points at 6,171.00 which should lead to a positive start to Monday’s trade.