Herald Sun - - BUSINESS DAILY -

THE Aus­tralian share mar­ket yes­ter­day fin­ished flat af­ter its worst trad­ing week in al­most three years.

The bench­mark ASX 200 in­dex closed up 11.9 points, or 0.2 per cent, at 5895.7 points, while the broader All Or­di­nar­ies was up 13 points, also 0.2 per cent, at 6006.5.

Rakuten Se­cu­ri­ties Aus­tralia chief op­er­at­ing of­fi­cer Nick Twidale said there had been some con­sol­i­da­tion dur­ing yes­ter­day’s ses­sion but warned all the in­flu­ences seen over the past few days were still rel­e­vant. In­vestors watch­ing the overnight US ses­sion were fo­cus­ing on the news about re­main­ing con­cerns over US-Sino re­la­tions, as well as the dis­con­nect be­tween the US Fed­eral Re­serve and po­lit­i­cal ex­ec­u­tive, he said.

“If any­thing hap­pens over the week­end it’ll be a very nasty start to the next week,” he said, adding traders and in­vestors were all poised to see if there were fur­ther down­sides into the week­end.

Thurs­day’s trade wiped an es­ti­mated $50 bil­lion off the share mar­ket in its worst day since Fe­bru­ary. The mar­ket was 0.6 lower in early trade yes­ter­day and, de­spite claw­ing back most of its early losses, still tracked to its worst week since Jan­uary 2016.

Heavy losses in oil prices overnight weighed on the en­ergy sec­tor, which ended the ses­sion down 1.5 per cent. San­tos was down 1.1 per cent to $6.89, Oil Search 1.7 per cent to $8.38,

Wood­side Petroleum 1.8 per

cent to $36 and Ori­gin En­ergy slid 1.4 per cent to $8.13.

Fair­fax Group plunged 13.5 per cent to 67c while Nine

En­ter­tain­ment was down 12.4 to $1.84 per cent ahead of their planned merger af­ter Fair­fax said rev­enue for the fi­nan­cial year to date was down 5 per cent on the prior cor­re­spond­ing pe­riod.

The banks ended the day on a fifty-fifty split. West­pac rose 16c to $26.45 and the Com­mon­wealth Bank 3c to $67.03, while ANZ fell 10c to $25.91 and Na­tional Aus­tralia Bank shed 9c to $25.91.

BHP closed 1.3 per cent higher at $33.84 and Rio Tinto gained 1.8 per cent to $78.03.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.