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ASX Review: ASX Down as it Ends Dismal Week of Trading

ASX Review: ASX Down as it Ends Dismal Week of Trading
Jun 05, 2015 By Imran Valibhoy

The ASX was down 5.8pts, or 0.10 per cent, at 5498.5pts. The Australian shares market ended a dismal week of trading on Friday. Investors retreated from the big four banks significantly this week. The Financials sector was down 0.60 per cent, the worst performing sector on the day.

The last few weeks have seen multiple negative reports coming out, driving negative sentiment in the market. Health Care stocks saw strong gains on the day, rising 0.99 per cent. The Information Technology sector fell 0.53 per cent. The Australian dollar is trading up in the past 24 hours. Previously it had retreated due to positive sentiment surrounding the US labour market, but has since recovered. It is currently at US$0.7698 around 4:22pm AEST.

International markets were mostly down the previous day of trading. In the US, the Dow Jones fell 0.94 per cent and the S&P 500 fell 0.86 per cent. In Europe, the DAX fell 0.69 per cent and the FTSE 100 fell 1.31 per cent. The Nikkei 225 has retreated slightly again, down 0.08 per cent near the end of trading on Friday. Chinese markets are mixed, with the Hang Seng down 0.80 per cent while the Shanghai Composite is up 0.59 per cent so far on Friday.

National Australia Bank (ASX:NAB) was down 47c, or 1.45 per cent, at $31.85 per share. NAB completed the third phase of its $5.55bn raising earlier this week.

McPherson’s Limited (ASX:MCP) was down 18.5c, or 19.79 per cent, at 74c per share. The company revised its previous profits guidance and now expects full-year profits to be significantly below FY2014 profits.

Downer EDI (ASX:DOW) was up 4c, or .81 per cent, at $5.00 per share. Downer announced it had been awarded a $100m mining contract on Friday.

Fortescue Metals Group (ASX:FMG) was up 4c, or 1.75 per cent, at $2.32 per share. Iron ore prices have moved to four-month highs, lifting FMG in the process. 

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Imran Valibhoy Author: Imran Valibhoy Jun 05, 2015

Since Joining the firm in 2006, Imran has worked on a range of M&A and Capital Market transactions in the natural resources, mining as well as projects in the renewable energy sector. Prior to joining Wise-owl, Imran worked at Euroz Securities in Perth, aiding in the advisory and valuation of companies in the mining and industrial sectors in Australia. Imran has a Masters in Banking & Finance from City University's Class Business School in London and a Bacheloor degree in Commerce from UWA.

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