It was not a good week for the local market with the S&P/ASX 200 losing almost 3% or 155pts to finish the week at 5082.1 points. Friday's activity helped restore some ground with an 83 point gain after posting 4 down days. The 4 major banks all had good gains late in the week after coming under pressure earlier. ANZ, in particular, saw heavy selling trading below $17.60, but rallied later in the week to close at $19.52. BHP closed down $2.19 from the previous week's close at $40.70. Gold miners fared better on the back of a rise in the spot Gold price. Gold closed the week at US$934.50. Newcrest Mining closed the week at $29.98 up from $28.89 a week earlier. The RBA left interest rates unchanged at its July board meeting this week, as expected by the markets.
A retiring director's abiding faith in shale oil appears to have finally paid off. LANCELOT reckons most of the screen jockeys riding today's sharemarket roller-coaster were not born in 1969, so the historic moment of Leslie White stepping aside as chairman of East Coast Minerals a week ago was probably lost on them. It was the first move on the road to retirement for the 82-year-old director, who has been a tireless advocate for shale oil in his mini-stable of companies comprising Greenvale .