THE market finished the week at 5709.69, down 67.11 points from the previous week’s close of 5776.80.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The All Ordinaries finished down 35.7 points or 0.7 per cent.
The Australian market recovered half of last Friday’s losses after a day of solid trading. Mining stocks gained the most, with BHP hitting a 17-month high, while the big four banks also posted profits. Most sectors experienced positive results, with only energy and health care finishing moderately lower. The Australian dollar depreciated against most major currencies, with the exception of the New Zealand dollar.
Rio Tinto announced its operational performance in 2016, underpinned by its drive for efficiency and maximising cash flow. On November 23, the company announced it had reached an agreement to sell its aluminium assets at Lochaber in Scotland for $410 million. The sale was finalised on December 16. Rio fell 52 cents to $62.70 and ended the week on $62.33.
Incitec Pivot announced that as of January 15, its Waggaman Louisiana ammonia plant had produced more than 140,000 metric tonnes since it assumed management and operation on October 19. The plant is expected to operate at an average of 80 per cent up-time over the first 12 months of operation as it ramps up to full production. Incitec lost three cents to $3.56 following the news and ended the week on $3.52. BHP Billiton announced Samarco Minercao and its shareholders, Vale and BHP Billiton Brasil Ltd, had entered into a preliminary agreement with the Federal Prosecutors Office in Brazil over the Fundao tailings dam failure in November 2015. A final settlement arrangement is expected to occur by June 30. BHP rose slightly and ended the week on $26.35.
At the close of trading, the gold price finished at $1207.50 per ounce, the WTI oil price traded at $53.16 a barrel and the Australian dollar was worth US $0.75. The Dow Jones finished up to end the week at 19,827.25. The Share Price Index finished up 27 points at 5628, which should lead to a positive start to trading.