Australian Stocks Had A Messy End To The Week

Photo: Getty / Spencer Platt (File)

After yesterday’s big rally with almost 1.6% in gains, a wave of heavy selling hit the market on Friday afternoon, making for a messy end to the week.

The ASX200 closed down 0.9% for the session in a broad-based sell-off, partially from profit-taking especially among miners and energy stocks which led the rally yesterday.

“Selling was relatively indiscriminate, with every official sector other than property dropping,” said Michael McCarthy, chief market strategist at CMC Markets, in an emailed note. “Gold stocks provided a rare bright spot, coming to life on the back of a $45 overnight lift in the gold price.”

One of the major stories of the day was Westfield Retail Trust shareholders voting in favour of a restructure that will see it merged with the Westfield Group. “The unit price fell after the vote as traders anticipated disgruntled holders would sell out before the scheme can be implemented,” McCarthy said. “In contrast, Group shares rose, adding weight to the perception the management company received the better end of the deal.”

Shares in Ten Network Holdings were smashed, down more than 9% after a guidance revision yesterday.

Via, here’s the chart for the ASX200 for today.

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