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Aussie market dips despite strong week

ASX Market Wrap
ASX closed in the red on Friday. Picture: NewsWire/ Gaye Gerard

The Australian sharemarket has taken a backwards step after a promising week that came close to breaking records.

The benchmark ASX200 dropped 0.85 per cent, or 66.9 points, to close out the week at 7814.4, after hitting a 20-day high streak on Thursday.

The broader All Ordinaries index fell 0.8 per cent, or 61.5 points, to finish at 8088.6.

ASX Market Wrap
ASX closed in the red on Friday. Picture: NewsWire/ Gaye Gerard

Mining was the only one of 11 industry sectors to stay in green at the close, with a rise of 0.4 per cent.

All other sectors fell, with tech and healthcare losing the most ground with 3.1 per cent and 2.3 per cent respectively.

The bottom performing stocks in the ASX200 were Nanosonics and Strike Energy, down 6.31 per cent and 5.56 per cent respectively.

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“In line with US and European markets, investors took today to reflect on recent solid gains,” CommSec chief economist Craig James said.

“After being a smidgen away from record highs on Thursday, today our benchmark sharemarket index – the ASX200 – fell by 57 per cent or nine tenths of one per cent.

“Still it’s worth noting that the Aussie sharemarket is just one per cent away of all time highs.”

Mr James said the market was also affected by Chinese data released on Friday.

“Reports that Chinese officials were preparing to announce new measures to support the pivotal property sector drove iron ore prices as well as shares of producers,” he said.

“There were mixed readings on the Chinese economy in April with production stronger than forecast while retail sales were weaker.”

Pilbara Minerals rose 2.24 per cent, while BHP saw 0.79 per cent increase.

Fortescue finished at the close 1.24 per cent higher.

Meanwhile, the Star Entertainment Group also fell 2.17 per cent despite the Queensland Government deferring a 90-ban licence ban to December 20.

ECONOMY GENERICS
Bendigo Bank released its latest trading update on Friday. Picture: NewsWire / Christian Gilles

Bendigo Bank was the top banking performer with 8.2 per cent, following a trading update that saw the bank post a net interest margin of 1.87 per cent for 10 months up to April 30.

The latest trading update saw the lender up from 1.83 per cent in its half-year results.

Despite the disappointing end to the week, the index saw gains of 0.84 over of the last five days and is currently 1.21 per cent off of reaching its 52-week high.

“The local shares now has risen for a fourth straight week,” according to CommSec.

Gaming machine maker, Aristocrat Leisure had the highest gains for the week with 17.4 per cent.

GUD Holdings followed with 12.4 per cent while Neuren Pharma was the third best performer at 10.5 per cent. rose most,

Fletcher Building fell the most at 16.5 per cent after a trading update.

Strike Energy also had a bad week losing 10.4 per cent, while IRESS dipped by 8.5 per cent.

The Aussie dollar dropped 0.13 per cent against the Greenback to buy US66.72c.