The ASX snapped a five-session winning streak on
Friday but managed to post its best weekly advance for more than a year
as investors welcomed some robust corporate earnings updates.
On Friday, the S&P/ASX 200 index fell 35 points, or 0.6 per cent, to 6062, taking the gain for the week to 1.84 per cent, the best weekly performance since late March 2017. The All Ordinaries lost 31 points, or 0.5 per cent, to 6155, and the Australian dollar traded flat at US75.33c.
Although the stage was set for a lacklustre open on Friday after US stocks closed mostly mildly lower, the ASX did manage to extend multi-month highs for a time before giving up those gains and ending the session in the red.
During
Friday's session in Australia, gains from Macquarie helped limit
downside for the benchmark, with the investment bank touching an
all-time high at one point in the session after revealing a bumper
profit before ending the day up 0.2 per cent at $108.01.
The investment bank was the exception in the banking sector, however, with Commonwealth Bank shares down 1.6 per cent to $72.76, National Australia Bank shares down 1 per cent at $29.10, Westpac shares down 0.9 per cent at $29.10, and ANZ shares down 0.6 per cent at $27.55.
Financials did manage to advance over the week even in the face of ongoing headwinds from the royal commission, with a 2.4 per cent uplift.
On Friday, the S&P/ASX 200 index fell 35 points, or 0.6 per cent, to 6062, taking the gain for the week to 1.84 per cent, the best weekly performance since late March 2017. The All Ordinaries lost 31 points, or 0.5 per cent, to 6155, and the Australian dollar traded flat at US75.33c.
Although the stage was set for a lacklustre open on Friday after US stocks closed mostly mildly lower, the ASX did manage to extend multi-month highs for a time before giving up those gains and ending the session in the red.
The move lower for the ASX came at
around the same time that US futures started to point to a weaker start
in the US as traders braced for key US non-farm payrolls data.
The investment bank was the exception in the banking sector, however, with Commonwealth Bank shares down 1.6 per cent to $72.76, National Australia Bank shares down 1 per cent at $29.10, Westpac shares down 0.9 per cent at $29.10, and ANZ shares down 0.6 per cent at $27.55.
Financials did manage to advance over the week even in the face of ongoing headwinds from the royal commission, with a 2.4 per cent uplift.
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