CMC Markets Weekly Report
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.
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Australian Market.
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.
Overseas Markets.
The US trading week has been shortened by the 4th of July holiday. The Dow Jones Industrial Average lost 0.5%, Nasdaq lost 3% and the S&P 500 retreated 1.2%. Oil has continued to take out new highs, closing on Thursday at $145.29. This price action together with fears of rising inflation in the US helped push the Dow into official bear-market territory. There has also been increasing 'noise' of possible action against Iran, which helped push the Oil and Gold prices higher.
The European Central Bank acted against Inflation fears by raising official interest rates on Thursday. President of the ECB, Jean-Claude Trichet stated that the bank would continue to lift rates to contain inflation.
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