An early rally evaporated in late trading in Australia today, sending the market to a flat close for the day and a total loss of about 3% for the week.
Here’s the scoreboard:
- S&P ASX 200: 5,634.60 -11.10 (-0.20%)
- All Ordinaries: 5,635.40 -9.40 (-0.17%)
- AUD/USD: 0.7904 -0.0002 (-0.03%)
In the US, the S&P 500 index closed up 0.4%.
On the local market, six out of ten sectors were higher, closing the biggest losing trading week since June 2013. The ASX 200 has lost 5% in just two weeks.
The Commonwealth Bank, which sparked a general fall in bank stocks this week when it posted a flat half year result, shed 0.57% to $82.64, bringing its losses for the week to 7%. The ANZ, trading ex-dividend, closed down 2% to $32.35. Westpac gained 0.44% to $34.05. NAB was in a trading halt.
Energy stocks were the big losers. Woodside was down 3.59% to $33.80, Origin Energy 3.34% to $12.43, Caltex 2.68% to $33.09 and Santos 4.87% to $8.59.
The top stories for Friday:
1. Better banking. Macquarie Group posted a 27% rise in full year net profit to $1.604 million, well ahead of market expectations of about $1.45 billion, and its second best result on record. It closed up 3.5% to $79.18.
3. Jobs and inflation. Here’s the chart which pushed the RBA to cut interest rates in May.