The ASX 200 rallied to close higher into the end of the week, although unconvincing, as sellers once again emerged to stifle recovery through the 5000 level. Negative sentiment still plagues the market, especially through the financial sector.
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.