Aust market finishes week up 2.6pc

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Australian shares have finished higher for a fourth straight day, in a mostly quiet session that served as a break from recent extreme volatility.

The benchmark S&P/ASX200 index finished Friday up 25.2 points, or 0.42 per cent, at 6,057.9 points, while the All Ordinaries index gained 21.4 points, or 0.35 per cent, at 6,163.7.

“A little uneventful, a relatively quiet day,” said CommSec market analyst James Tao.

“Of course there is the US public holiday, the Fourth of July, which takes a little bit out of our market today,” Mr Tao said.

Wall Street, where the S&P 500 rose 0.4 per cent overnight, won’t resume trading until Monday.

For the week the ASX200 closed up 153.8 points, or 2.6 per cent, with Monday’s losses followed by four days of gains.

The index has only had four losing sessions in the past three weeks.

Energy, industrials and property collectively declined, while health care and telecom shares led gainers, both collectively rising over two per cent. 

CSL rose 2.7 per cent to $297.46 and Cochlear advanced 5.9 per cent to a three-month high of $204 after announcing the US Food and Drug Administration had approved four new hearing implant products for US sale. 

Afterpay hit an all-time high of $70 early but finished the day down 1.0 per cent to $67.50 – still up 18 per cent for the week.

Adbri Limited, the construction group formerly known as Adelaide Brighton, crashed 25.4 per cent to a six-week low of $2.35 after advising that Alcoa won’t renew a lime supply contract worth $70 million annually when it expires in a year’s time.

Telstra gained 4.0 per cent to a three-month high of $3.36, in its biggest single-day move since November.

The big banks were mixed, with CBA up 0.7 per cent to $71.57 and the others losing ground.

NAB dipped 0.9 per cent to $18.74 and ANZ and Westpac both fell 0.4 per cent, to $19.19 and $18.54, respectively.

Property groups were lower as virus cases surged in Melbourne, with shopping mall owners Vicinity Centres and Scentre Group both down around three per cent.

In the heavyweight mining sector, BHP rose 0.7 per cent to $36.26, while Rio Tinto dropped 1.5 per cent to $96.39 after cutting reserves at its massive Oyu Tolgoi project in Mongolia. Fortescue Metals was down a cent to $14.02.

Goldminers were also mixed, with Newcrest up 0.4 per cent, Northern Star down 2.2 per cent and Saracen Mineral Holdings up 2.3 per cent to an all-time high of $5.80.

Tuas Limited gained 37.7 per cent to 95 cents, on top of Thursday’s 35.3 per cent gain.

The Singaporean 5G network operator debuted on the ASX on Wednesday at 50 cents per share, a spin-off from TPG Telecom as part of its merger with Vodafone Australia.

TPG shares finished Friday down 0.6 per cent to $8.65.

The Australian dollar was buying 69.36 US cents, slightly lower from 69.29 US cents at the close of trade on Thursday.

ON THE ASX

* The benchmark S&P/ASX200 index on Friday closed up 25.2 points, or 0.42 per cent, at 6,057.9 points

* The All Ordinaries closed up 21.4 points, or 0.35 per cent, at 6,163.7 points

* At 1726 AEST, the SPI200 futures index was down nine points, or 0.15 per cent, at 6,025 points

CURRENCY SNAPSHOT

One Australian dollar buys:

* 69.35 US cents, from 69.27 US cents on Thursday

* 74.54 Japanese yen, from 74.45 yen

* 61.72 euro cents, from 61.39 cents

* 55.61 British pence, from 55.41 pence

* 106.29 NZ cents, from 106.45 cents.

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