Australian stocks ended the week in a slump, despite a stronger Wall Street, as local investors bid down the big miners and banks.
Here’s the scoreboard:
- S&P ASX 200: 5,814.50 -35.67 (-0.61%)
- All Ordinaries: 5,788.00 27.98 (-0.48%
- AUD/USD: 5,814.50 -35.67 (-0.61%)
Wall St surged overnight with the S&P 500 closing 1.3% higher.
On the local market, all sectors ended the session lower. The big miners lost ground, including BHP which fell below the $30 mark to $29.78, a fall of 1.46% on the day. The big banks were all down 0.5% or more, led by Westpac, weaker by 0.76% to $37.80.
The ASX 200 is down 1.4% for the week.
The top stories on Friday:
1. $1.4 billion takeover. This is what the new TPG will look like when it absorbs iiNet. TPG closed up 17.7% to $9.11.
2. Lynas Corporation has extended its losses by almost 60% to $103.5 million in the half year to December. The rare earth miner is cutting costs, reviewing operations and talking with debt providers to get cheaper finance. Its shares closed down almost 4% to $0.049.
3. US dollar on the march: ANZ slashed its Euro forecasts and drags the Aussie lower.