The Australian market fell on the last trading session of the week, making for a 2% loss over the five days.
Here’s the scoreboard:
- S&P ASX 200: 5,356.50 -31.37 -0.58%
- All Ordinaries: 5,360.00 -29.00 -0.54%
- AUD/USD: 0.7380 +0.0020 +0.27%
Wall St was flat overnight with the S&P 500 weaker by just -0.1%. On the local market, energy stocks fell in line with a weaker oil price. Woodside was down 3.5% to 32.84 and Santos almost 9% to $5.99.
The banks and the big miners followed the slide in the afternoon. The ANZ was down 1.58% to $29.29 and Rio Tinto 1.6% to $51.13.
The top stories for Friday:
1. The detail on the Atlas Iron losses. The miner posted a $1.4 billion loss for the 2015 financial year and its shares closed 3.3% higher at $0.031.
2. After a week of turmoil, China’s currency is stronger. The latest is that China’s central bank will allow market forces to play a greater role in setting the yuan’s opening level. And one consequence is that Yuan weakness may see Chinese investors flock to Australian housing.
3. RBA says Australian unemployment may have reached its peak and interest rates their bottom.
4. OzForex and cloud accountancy software group Xero have formed a strategic partnership to make international payments easier. OzForex closed up more than 6% to $2.74. Xero was down 2.5% to $14.23.
5. James Packer’s new job as a senior executive director at Crown Resorts means he will be taking his first salary and it could be as much as $10 million a year. Crown was weaker by 0.92% to $12.97.
6. These are the Australia companies who win or lose from a weaker Yuan.
7. Agribusiness Elders, which is back in profit after six years of losses, has gone on market to buy back up to $30 million of its hybrid notes at $80 each. Elders closed up more than 8% to $4.09.
8. Losses from the Rivers brand will cut full year earnings by half at the Specialty Fashion Group. The company closed 1.72% higher at $0.59.