• Australian shares finished flat today, with 12 per cent fewer shares traded than the rest of the week. The ASX 200 index ended at 5670pts - a full 3.2 per cent higher than last Friday - making it the best week locally since February.
  • Over the course of the week consumer staples were the best performers, rising by 4.7 per cent followed by a 4.5 per cent gain from healthcare stocks. Consumer discretionary companies like Harvey Norman (HVN) and Myer (MYR) gained 4 per cent while telcos added 3.4 per cent. Banks surged by 3.1 per cent while both mining and energy sectors jumped by 2.5 per cent.
  • Santos (STO) shares fell by 0.8 per cent after an uninspiring quarterly update. The oil and gas producer posted a 19 per cent slide in revenue which was caused by a slump in oil prices. STO reaffirmed its FY guidance.
  • Metcash (MTS) surged by 10.4 per cent after announcing the appointment of two former senior Coles and Woolworths executives.
  • Automotive Holdings Group (AHG) rose by 2.1 per cent after the car dealership owner said the sale of its after-market parts and equipment business should generate $43-$45m.
  • No major economic data was released in Australia or the region today. There were holidays in Singapore, Malaysia and Indonesia. Shares in China surged by 4.2 per cent.
  • Tonight, US inflation and housing data will be released together with a read on consumer sentiment. Six companies will issue earnings incl. General Electric and Honeywell International.
  • Volume was light, with 1.6bn shares traded worth $3.9bn. 538 stocks were up and 359 down.

Steven Daghlian - Market Analyst (Author)

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