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Evening Market Analysis: Modest Close To Modest Week

Aussie share finished the week on a positive note, despite the negative lead provided by international shares overnight. All the sectors except for materials and healthcare finished above water, with utilities clearly the best performing segment.

The big four banks were mostly stronger, with ANZ (+0.4%), CBA (+0.3%) and Westpac (+1.4%) all closing higher. NAB (-0.5%) was the only one of the group to lose ground.

The mining majors were mostly weaker following the poor night on commodity markets; Rio Tinto lost 0.4% whilst BHP was flat.

Newcrest mining dropped 3% after announcing that production at its Lihir operation in Papua New Guinea has been temporarily reduced to about 25% of capacity following a problem with its electrical system.

Elsewhere, Premier Investments jumped 8.1% after announcing a net profit of $68.2 million, a 68% rise on the prior corresponding period. The ASX 200 added 16 points (+0.4%) to settle at 4408.

For the week the market jumped 0.4%.

 

Evening Market Analysis: Modest Close To Modest Week is a post from: Australian Stock Report Market Pulse Blog

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