After month on the march, market catches its breath
The benchmark S&P/ASX200 index fell 10.5 points, or 0.2 per cent, to close the week at 5400.7 points. The broader All Ordinaries Index closed the week down 12.2 points, or 0.22 per cent, to 5394.4 points.
"The party continues for the banks," Leyland Private Asset Management senior portfolio manager Rohan Schmidt said. "That's probably one of the biggest stories for the week. If you take out the banks, it's been a fairly flat week. We've had the interruption of the Melbourne Cup, which kept volumes a bit on the low side."
Iron ore miners fared well for the week, with Mount Gibson the best- performing member on the S&P/ASX200 with gains of 12.64 per cent.
Atlas Iron was a close second, closing 12.32 per cent higher. Fortescue Metals, Sundance Resources, Kingsgate Consolidated and Lynas Corporation were also among the top 10 performers.
Official figures released during the week showed that iron ore exports had risen to a record high of $8.1 billion in September as the trade deficit narrowed to $284 million.
Meanwhile, iron ore prices have remained stronger for longer despite forecasts of lower demand as the market enters a slow period.
The Reserve Bank kept the door open for further interest rate cuts even as it left the cash rate on hold at 2.5 per cent at its November board meeting on Tuesday.
"This week, with the banks going ex-dividend, you've got CBA hitting record highs," RBS Morgans senior trader Luke McElwaine said. "A few companies that haven't performed are starting to perform. BHP's had a great week. It seems to have broken that $36-to-$37 level and is trading higher than that.
"So all of these top 20-type stocks are all hitting 12-month highs and I think that's a great sign for the market. Our market appears to have broken a trading range between 4000 and 5200, and we seem to be holding those levels around 5400."
Even so, a fall in most base metal prices dented diversified resources group BHP Billiton and its rival Rio Tinto on Friday, Lonsec senior client adviser Michael Heffernan said.
"The big resources stocks were down a bit [on Friday] probably due to the waxing and waning of commodity prices not shooting the lights out [on Thursday]," he said.
BHP lost 29¢ to $37.95 on Friday, Rio dropped 23¢ to $65.25 and iron ore miner Fortescue Metals shed 24¢ to $5.46. Goldminer Newcrest fell 25¢ to $9.88.
In banking, Westpac dropped $1.05 to $33.18 after paying out a 98¢ dividend.
Of the other banks, ANZ rose 33¢ to $32.71 on Friday, National Australia Bank added 10¢ to $34.78, and the Commonwealth Bank came back from its record high, losing 22¢ to $79.10.
Qantas added 2.5¢ to $1.25 after it confirmed it would close its Avalon heavy maintenance base in Victoria at the end of March.
Casinos operator Echo Entertainment dropped 10¢ on Friday, or 3.92 per cent, to end the week at $2.45 after it said it could spend up to $1.5 billion on redeveloping its Queensland casinos.
Telecommunications EGPheavyweight Telstra rose 3¢ on Friday to close at $5.18.
The market is set to turn its attention to October non-farm payrolls figures and unemployment data in the US, which were to be released early on Saturday.
Across the region, all eyes were looking to China's Communist Party policy-setting meeting, called the Third Plenum, scheduled for November 9 to 12.
China watchers said the meeting could be used as a platform to launch a series of far-reaching economic reforms.
Frequently Asked Questions about this Article…
The Australian share market closed slightly lower this week due to Westpac going ex-dividend and a fall in most base metal prices, which affected major resource companies like BHP Billiton and Rio Tinto.
The Australian sharemarket closed slightly lower this week due to Westpac going ex-dividend and despite Commonwealth Bank shares hitting an all-time high. The benchmark S&P/ASX200 index fell by 0.2%.
The banks had a mixed performance this week. Westpac dropped after paying out a dividend, while ANZ and National Australia Bank saw slight increases. Commonwealth Bank hit a record high earlier in the week but ended slightly lower.
Iron ore miners performed well this week, with Mount Gibson leading the gains on the S&P/ASX200 with a 12.64% increase. Atlas Iron also saw significant gains, closing 12.32% higher.
Iron ore miners were among the top performers on the S&P/ASX200 this week, with Mount Gibson leading with a 12.64% gain, followed closely by Atlas Iron with a 12.32% increase.
The Melbourne Cup caused a slight interruption in the Australian sharemarket, leading to lower trading volumes for the week.
Iron ore prices remained strong, contributing to record-high exports and benefiting iron ore miners like Mount Gibson and Atlas Iron, which were among the top performers on the S&P/ASX200.
Commonwealth Bank shares hit a record high, while Westpac dropped after going ex-dividend. ANZ and National Australia Bank saw slight increases in their share prices.
The Reserve Bank decided to keep the cash rate on hold at 2.5% during its November board meeting but indicated that further interest rate cuts could still be possible.
The Reserve Bank of Australia kept the cash rate on hold at 2.5% but left the door open for further interest rate cuts, which could influence future market movements.
BHP Billiton and Rio Tinto experienced declines towards the end of the week due to a fall in most base metal prices, with BHP losing 29 cents and Rio dropping 23 cents.
BHP Billiton and Rio Tinto's performance was affected by a fall in most base metal prices, which led to a decrease in their share prices on Friday.
Investors are looking forward to the release of October non-farm payrolls figures and unemployment data in the US, as well as China's Communist Party policy-setting meeting, the Third Plenum, which could introduce significant economic reforms.
Investors are closely watching the release of October non-farm payrolls figures and unemployment data in the US, as well as China's Communist Party policy-setting meeting, the Third Plenum.
In the telecommunications sector, Telstra saw a slight increase, rising 3 cents to close at $5.18 on Friday.
In the telecommunications sector, Telstra saw a slight increase, closing at $5.18. In contrast, Echo Entertainment in the casino sector dropped by 3.92% after announcing potential redevelopment plans for its Queensland casinos.
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