Australian shares ended the session, and the week, lower.
- S&P ASX 200: 5,283.80 -11.74 -0.22%
- All Ordinaries: 5,370.90 -7.50 -0.14%
- AUD/USD: 0.7594 +0.0003 +0.04%
The local market lost more ground on the final session of the week, leaving the ASX 200 down almost 2.8% over the five days for the biggest weekly drop in eight months.
Qantas fell 3.6% to close at $2.94, the Bank of Queensland 1.9% to $10.39 and carsales.com $4.3% to $11.05.
The NAB was up 1.1% to $27.91 but the Commonwealth was down 0.3% to $72.75.
The big miners did well with BHP 2% higher at $22.98, Woodside Petroleum 1.3% to $28.32 and Fortescue Metals 3% to $5.51.
Murray Goulburn, which told shareholder at its AGM today that it’s reviewing the process of determining the price it pays farmers for milk, closed 3% higher at $1.09.
Oventus Medical was up almost 7% to $0.77 after announcing a deal to provide its sleep apnoea treatment to dental group 1300SMILES.
The top stories:
1. AMP writes down its insurance business. The company says the insurance losses in the third quarter were $44 million and losses for the second half of 2016 are likely to be $75 million. AMP shares dropped 9% to close at 4.68.
2. ANZ’s profits take a $360 million hit. The bank’s profits will be weakened by additional charges when it announces its full year results Thursday next week. The bank’s shares dropped 1.7% to close at $27.60.
3. A glimmer of improvement at Woolworths. The supermarket chain has for the first time in almost a year lifted underlying sales growth. Woolworths shares lost 2.3% to close at $24.23.
4. Gina Rinehart pulls ahead in the race for S Kidman & Co. The billionaire mining magnate looks to have fended off a rival bid for Australia’s largest beef business.
5. Profits slip at Macquarie Bank. First half profit fell 2% to $1.05 billion but the group is still on track to a record full year. Its shares closed 1.7% higher at $81.76.
6. The interest rate cutting might not be done yet. Six of 27 economists are forecasting a 25 basis point rate cut, taking the cash rate to a fresh-record low of just 1.25%.
8. We are living longer. New data released by the ABS reveals Australian girls are now expected to live to 84.5 and boys to 80.4.
9. Fintech founder Chris Brycki on the banks. Charging for advice they didn’t give is just the start of it.