Yo-yo trad­ing on the mar­kets

Shepparton News - - OPINION -

Aus­tralian shares have fin­ished flat af­ter a yo-yo fi­nal trad­ing ses­sion of the week, which saw a re­treat among the banks out­weigh health­care sec­tor gains.

The bench­mark S&P/ ASX200 dived in early trade be­fore re­cov­er­ing through­out the af­ter­noon and clos­ing up 0.1 points (0 per cent) at 6268.4 points, while the broader All Or­di­nar­ies rose 2.1 points (0.03 per cent) at 6351.9 points.

Com­mSec mar­ket an­a­lyst Tom Piotrowski said bank stocks have had a volatile week and yes­ter­day’s re­treat was the main rea­son the bench­mark was flat.

‘‘The dis­cus­sion around banks of course has been the im­pact of the de­cline in de­mand for credit on their growth prospects,’’ he said.

ANZ led the big banks’ losses, slump­ing 0.7 per cent to $29.01, while West­pac re­treated 0.5 per cent to $29.60, the Com­mon­wealth Bank lost 0.5 per cent to $74.85 and Na­tional Aus­tralia Bank was down 0.4 per cent to $28.04.

Health­care stocks were the stand-out per­form­ers as the sec­tor ben­e­fits from a lower Aussie dol­lar.

Vac­cines and blood prod­ucts sup­plier CSL jumped 2 per cent to $204.56 and hear­ing im­plant de­vel­oper Cochlear soared 3.2 per cent to $205.32.

Ma­jor min­ing stocks lost ground de­spite iron ore prices climb­ing overnight, with Rio Tinto fall­ing 0.14 per cent to $79.84 af­ter an­nounc­ing it had signed a heads of agree­ment to sell its in­ter­est in In­done­sia’s Gras­berg — the world’s sec­ond big­gest cop­per mine — for $US3.5 bil­lion.

The en­ergy sec­tor was mixed amid firm­ing oil prices, while oil re­finer and mar­keter Viva En­ergy closed down four per cent at $2.40 on its ASX de­but af­ter rais­ing about $2.6 bil­lion in Aus­tralia’s big­gest pub­lic of­fer­ing in nearly four years.

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