Weaker despite biotech injection

THE Australian share market closed weaker yesterday as mining and banking stocks lost ground, despite the energy sector and vaccines giant CSL giving the local market a shot in the arm.

The benchmark ASX 200 index closed down 6.9 points, or 0.1 per cent, to 6087.4, while the broader All Ordinaries index also fell 0.1 per cent or 6.3 points to 6190.9 points.

The ASX 200 dropped almost 29 points over the week.

CSL was the star stock, clos- ing 4.1 per cent higher at $182.95.

The vaccines and blood products company’s stock jumped after announcing the northern hemisphere flu season helped it boost full-year profit guidance by 28 per cent, to between $US1.68 billion and $US1.71 billion.

All but one of the four major banks retreated. Westpac fell 0.9 per cent to $28.85, the Commonwealth Bank 0.9 per cent to $70.50 and National Australia Bank 0.7 per cent to $27.42. ANZ closed 0.6 per cent firmer at $28.17, after announcing it would sell its majority stake in a Cambodian bank.

A weaker iron ore price impacted the big miners, with BHP Billiton down 1.1 per cent to $34.08 and Rio Tinto 1.1 per cent to $85.81, while a declining gold price pushed Newcrest Mining down 1.9 per cent to $20.72.

Origin Energy, the nation’s largest gas and power retailer, rose 3.3 per cent to $10.10.