Australian share prices are expected to consolidate this week after hitting record levels on the back of take-over activity in the resources sector, dealers said. After a series of record closes early in the week, the Australian market ended weaker Friday as investors decided a bidding war for WMC Resources was unlikely after BHP Billiton's 7.3 billion US dollar friendly take-over offer.
The benchmark SP/ASX200 index closed the week down 0.39 percent or 16.6 points at 4,203.8, while the broader All Ordinaries finished up 0.16 percent or 6.8 points at 4,192.6 points.
FW Holst and Co analyst Michael Heffernan said the falls in the last three days of the week should be put in context of eight previous positive sessions.
The week is likely to have a slow start with the Melbourne exchange closed on Monday for Labour Day.
With no economic data due for release, markets will look to Thursday's release of the Reserve Bank of Australia's bulletin for clues on whether interest rates could rise again after an 0.25 point hike this month.
Media giant News Corp will take another step towards its departure from the Australian market Friday when its listing is reduced by 25 percent as it moves base to the United States. Two more 25 percent phase outs later this year will complete the move.
Comments
Comments are closed.