Australian stocks closed down again.
Here’s the scoreboard:
- S&P ASX 200: 5,029.50 -8.22 -0.16%
- All Ordinaries: 5,078.60 -8.89 -0.17%
- AUD/USD: 0.7248 -0.0032 -0.45%
The market lost ground for the fourth sessions in a row. The ASX 200 shed 2.3% for the week.
Stocks see-sawed, briefly hitting positive territory in late morning, before dropping again for the rest of the day. Seven out of ten sectors closed lower.
BHP closed the week down another 1.6% at $$17.20 with investors worried about commodity prices and the fallout from the fatal mine disaster in Brazil. Four weeks ago it was at $24.
The major banks were flat but just above water. The ANZ was up 0.12% to $26.22 and the NAB was up 0.6% to $28.60.
The top stories Friday:
2. Do we need more LNG? Some of the biggest names in the resources industry have decided to go ahead with another LNG project despite a global rout in oil prices.
3. It looks like Canada wins, so far. The board of directors of logistics group Asciano today formally supported a $9 billion takeover offer from Canada’s Brookfield Infrastructure.
4. US rates will be up soon. But history shows that share investors should be cheering a US rate hike.
5. Different messages. There is a big difference in the way messaging apps are used in the West, compared to the East, according to the latest App Annie report.
6. PHOTOS: What it’s like aboard the high-speed catamarans racing on Sydney Harbour.