The Australian market lost steam on the final session of the week as bank stocks and the big miners gave ground over commodity prices and the shadow of the Greek debt situation.
- S&P ASX 200: 5,545.30 -11.35 -0.20%
- All Ordinaries: 5,552.10 -10.50 -0.19%
- AUD/USD: 0.7725 -0.0030 -0.39%
On Wall St, the S&P 500 closed 0.2% higher. On the local market, six out of ten sectors were lower but overall the market is up about 0.8% for the short four-session week.
Most of the banks were weaker with Westpac down 0.94% to $31.67. The Commonwealth, which had a major customer systems outage today, closed flat at $81.42, just 0.1% firmer.
Among the miners, BHP was down 1.17% to $27.90 and Rio Tinto 0.59% to $57.14.
The top stories Friday:
1. The final days of a uranium mine? Kakadu’s Ranger mine expansion has been put on hold as the price of uranium slumps. Energy Resources shares were down 48% to $0.67.
2. Downer EDI, better know for its mining servcies, has won another big wind farm project, this time a $130 million deal to build at Ararat northeast of Melbourne. Its shares closed flat at $5.06.
3. Rupert Murdoch resigns as CEO of Fox. Son James steps up but what next?
4. The weakness in Australian banking stocks may be just getting started. Researchers at Morgan Stanley do the numbers.