Australian shares ended the bumpy week on a negative note on Friday, as banks eased after investors booked profits while New Zealand's stock market recorded its sixth week of gains. The S&P/ASX 200 index fell 38.65 points, or 0.7 percent, to 5,722.8 at the close of trade. The benchmark rose 0.5 percent on Thursday. For the week, the index was down 0.7 percent.
A gauge of financial stocks posted its second weekly gain but ended about 0.8 percent lower while the 'Big Four' banks - Commonwealth Bank, Westpac Banking Corp, ANZ Banking Group and National Australia Bank Ltd - closed between 0.5 to 1.1 percent lower. Financials had rallied as the banks, especially the Big Four, declared they were comfortable with new capital rules unveiled by the Australian Prudential Regulation Authority (APRA) on Wednesday. Global miner BHP Billiton was the biggest laggard on the benchmark ending about 1.9 percent lower. Activist shareholder Elliott Management voiced concerns over BHP's proposal to enter the over-supplied fertiliser market. Index heavyweights Rio Tinto and Fortescue Metals Group dragged material stocks down along with BHP, slipping 2.1 percent and 2.5 percent, respectively.
New Zealand's benchmark S&P/NZX 50 index fell 1.58 points, or 0.02 percent to finish the session at 7,670.86. The index finished the week up 0.3 percent, sealing its sixth week of gains since mid-June. The index was little changed as gains in health care and utility stocks outweighed losses in the materials sector. Fletcher Building was among the biggest percentage decliners while Fisher and Mercury NZ Ltd led gainers.
Comments
Comments are closed.