ASX ends higher after mixed session
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The news: The Australian sharemarket ended the week on a high note after a mixed session saw gains from big banks but a large drag from oil producers.
The numbers: The benchmark ASX 200 gained 0.39% to end at 8,013.4, with eight out of 11 sectors finishing in green.
The best performing sector was financials, up 1.45%, followed by consumer discretionary (1%). The big four banks all rose with Westpac up 1.49%, followed by Commonwealth Bank (1.46%), ANZ (1.44%) and NAB (1.2%).
Synlait reversed early falls to increase 2.74% after NZ RegCo and the Takeovers Panel dismissed a shareholder complaint regarding the dairy producer’s recapitalisation plans.
Elsewhere, ASX minnow Predictive Discovery surged 9.09% after Perseus Mining increased its stake in the company to 19.9%. Perseus, however, fell 0.41% despite early gains.
The worst performing sector was energy, down 3.01%, followed by materials (-0.86%). Oil majors tumbled as prices reached 14-month lows due to concerns about demand in the US and China, and a likely rise in supplies out of Libya.
Woodside Energy (-3.8), Karoon Energy (-2.32%), Beach Energy (-2.66%), Santos (-1.71%) and Ampol (-1.18%) all fell. Woodside also announced that it had conducted a bond offer priced at USD2 billion ($2.97 billion) in the US market to be used "for general corporate purposes".
Amcor shares dropped 1.02% as it announced that it had appointed president of Amcor Flexibles North America, Fred Stephan, as its new chief operating officer.
Meanwhile, Pacific Smiles fell 0.98% after its managing director and CEO Andrew Vidler resigned after eight months in the role. The news comes just a week after its CFO resigned.
The Australian dollar is buying 67.3 US cents.
The context: Tonight will see the latest US unemployment rate figures released.
Next week will see the Reserve Bank assistant governor Sarah Hunter speak at the Barrenjoey Economic Forum while the latest US CPI figures will be released.
