Originally published by Rivkin Securities
The local market was up 60.8 points, or 1%, last week, closing at 6339.2 on Friday. Telstra (AX:TLS) led the way, ending up 8.8% for the week at $3.09 after enjoying their biggest single day gain in a decade on Thursday in the wake of an expected poor result and after some pleasant market share gains in the mobile division. Wesfarmers (AX:WES) shares were bought up by investors and they ended the week up 4.2% at $52.53, the highest close on record after what was a reasonable result for the year to June, the last with Coles included.
Among the financials, the last week of the Royal Commission’s examination of the superannuation sector saw CBA (AX:CBA) and NAB (AX:NAB) quizzed for days, but overall the sector performed strongly. ANZ (AX:ANZ) shares jumped 3.3%, NAB shares were up 2.7% and Westpac (AX:WBC) shares added 2.5%, putting the falls of earlier this year slowly behind them.
The June 30 reporting season moves past the half-way mark this week with major results from BHP (AX:BHP), Woolworths (AX:WOW) today, Qantas (AX:QAN), South32 (AX:S32) and Fortescue (AX:FMG) to dominate. In total seventy companies in the ASX 200 - 35% of the index, are due to report, so it is likely that we continue to see local headlines drive the market rather than the status quo of following international leads.
Data Releases:
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