It’s been a topsy-turvy day for the local sharemarket, but the ASX ultimately ended the day in the red.
Here’s a quick recap:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 0.6% to 5042 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 0.5% to 5076 points
- AUD/USD at US 70.31 cents
- Iron Ore at US$55.30 a tonne, according to the Metal Bulletin
- Gold at US$1,147.33 an ounce
- Brent oil at US$48.50 a barrel
The ASX started the day in the black before falling deep into the red. It soon recovered its losses before taking another dive late in the session.
The banks acted as a key drag on the broader market. Commonwealth Bank of Australia (ASX: CBA) was the worst hit. It fell 1.5% compared to its three rivals which all dived between 1.2% and 1.4%.
Results were somewhat mixed in the resources sector. While most energy producers ended the day deep in the red – including Santos Ltd (ASX: STO) which fell 3.5% – BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) ended the day 0.4% and 1.4% higher, respectively.
Myer Holdings Ltd (ASX: MYR) was the top performing stock, rising 8.4% after Citi upgraded its recommendation on the shares. Takeover speculation also boosted the stock’s performance.
UGL Limited (ASX: UGL), on the other hand, was the market’s worst performing stock, falling 7.9% for the day.
Here are Friday’s top news stories:
- Caution: Avoid these four ASX stocks
- Should you buy Slater & Gordon Limited (ASX SGH) before September 30?
- Shares of Vocation Ltd (ASX: VET) soared after it completed a settlement with the Victorian education department
- Can the S&P/ASX 200 avoid a bear market crunch?
- What a $10,000 investment in Wesfarmers Ltd (ASX: WES) looks like today
- Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) profit soars 27% and it could still be a buy
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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest.
The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.