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ASX Review: Local Market Ends Week on Positive Note

ASX Review: Local Market Ends Week on Positive Note
May 01, 2015 By Simon Herrmann

The ASX ended the week on a positive note rising 24.4pts, or .4 per cent, to close at 5814.4pts on Friday. The ASX recovered after losing signficantly in the past few days buoyed by the Energy and Materials sectors. The Energy sector was up 1.17 per cent and  Materials advanced 1.5 per cent. Last night most international markets closed lower following weak US GDP growth data and general market volatility. In the US, the Dow Jones was down 1.08 per cent and the S&P 500 was down 1.01 per cent. European markets closed mainly higher with the DAX gaining .19 per cent and the FTSE 100 closing .21 per cent higher. As opposed to the Australian market most Asian stocks are retreating once again on Friday. The Nikkei 225 is down .34 per cent so far on Friday. The Chinese market has continued its fall, with the Hang Seng down .94 per cent while the Shanghai Composite is down .76 per cent so far on Friday.

Virgin Australia Holdings (ASX:VAH) was down 1, or nearly 2 per cent, at 50c per share. The embattled Australian airline has posted a narrower loss during the March quarter. Although profits were still down, there was a $74.8m turnaround in losses.

National Australia Bank (ASX:NAB) was up 4c, or .1 per cent, at $36.81 per share. NAB announced it would increase its offering of Great Western Bancorp shares after an increase in demand. The major Australian bank is selling its stake of the US-based company for a sum of US$430m.

Liquefied Natural Gas Limited (ASX:LNG) was up 34c, or 7.46 per cent, at $4.90 per share. LNG shares skyrocketed last week after an announced gas deal in the US. As energy prices continue to climb, LNG shares rise significantly.

Fortescue Metals Group (ASX:FMG) remains extremely volatile but managed to gain 20c, or 9.22per cent, to close at $2.37 per share. The embattled mining company recovered on Friday investors speculate for further gains of the iron ore price.

Rio Tinto Limited (ASX:RIO) was up $1.14, or 1.99 per cent, at $58.29 per share.

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Simon Herrmann Author: Simon Herrmann May 01, 2015

Simon is a financial analyst at independent research firm Wise-owl who wants to change the world by disrupting the cliché approach to investment decision making with convergent thinking. Wise-owl’s goal is plain and simple: Find the best opportunities for our members by following a proven methodology and to create long-term value through high-quality advice, innovation, technology and education. We combine industry experience and the agile mentality of a start-up. Wise-owl is the future of stock market investing.

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