How was the week?
A pretty busy one at PEAK.
We’re looking forward to some time outdoors and a bit of R&R.
Enjoy the weekend!
Across Markets…
The sharemarket dipped on Friday, as China’s efforts to shore up its stalling economy failed to reverse a negative mood, but the index ended the week 2.3 per cent higher following two weeks of losses.
Fortescue Metals was the index’s third-largest casualty, down 5.3 per cent to $20.3 following the departure of Guy Debelle from Fortescue Future Industries, the third high-profile exit in a week.
The benchmark S&P/ASX 200 Index recoiled 0.4 per cent or 27 points to 7278.3 at the closing bell with healthcare and utilities leading losses.
Qantas came under renewed pressure with a 1.5 per cent retreat to $5.82. It closed the week 6.9 per cent lower, the largest weekly loss since June, after the competition regulator on Thursday alleged that the airline breached consumer law.
Financial technology stock Link Administration rose 1.9 per cent to $1.365 after completing the sale of its banking and credit management unit.
All major banks ended in the red with National Bank down 0.2 per cent at $28.9, Commonwealth Bank off 0.8 per cent to $101.35 and Westpac off 0.7 per cent at $21.79. ANZ dropped 0.6 to $25.17.
Rio Tinto recovered earlier losses to be up 1.2 per cent at $114.23, but BHP Group slipped 0.3 per cent to $44.74.
On the brighter side, energy company Santos rallied 1.8 per cent to $7.81 after finalising the delayed sale of a 2.6 per cent stake in its PNG liquefied natural gas (LNG) project to Papua New Guina’s national oil company, Kumul Petroleum, in a $US1.4 billion ($2.2 billion) deal.
Wagering operator PointsBet jumped 3.7 per cent to $1.685 following the $US175 million sale of its American business to sports betting and merchandise company Fanatic in a $US225 million deal. PointsBet will return $315.4 million in capital on Monday.