The Australian market fed off the positive tone in Europe and the US overnight and the solid gains in Shanghai to close the week on a positive note. While only 6 of the top 50 stocks ended lower on the day the overall market performance masked some big individual falls.
But first here’s the scoreboard:
- S&P ASX 200: 5,968.4 +36.2 (-0.60%)
- All Ordinaries: 5,935.4 +33.9 (-0.6%)
- AUD/USD: 0.7688 10.0004 (+0.05%)
With iron ore coming under pressure in Chinese trade again today the materials sector was the only one on the ASX to end the day lower. Fortescue was amongst the worst performers losing 3.97% to $1.815 but amoungst the other miners BC Iron lost 6.78%, but BHP hardly budged.
Myer also came under pressure losing 3.3% to $1.45 while the Skilled Group also fell 3.3% to $1.315. On the positive side of the ledger G8 education was up 5.7%, Bradken rose 3.9% and Treasury Wine Estates was 3.68% higher.
Australia’s major banks all did well and the financials index closed up 0.6% on the day.
The top stories Friday:
1.The RBA and APRA might finally be winning the war to slow investment lending fueling the housing market. Data today showed that investors borrowed less then the previous month for the 3rd month in a row. The trend hasn’t turned – but the signs are there.
2. The Aussie dollar won’t play ball with the RBA and go down. Westpac reckons it might be a while before it does.
3. ASIC is having a close look at the upcoming MYOB float and has raised questions over MYOB’s IPO documents.
4. China is slowing, that much we know. But a Bloomberg Metals analyst has a warning that things are far worse than anyone thinks.