Market Wrap: ASX ends week 4.2% lower

Local shares retreated again on Friday, and ended the week down 4.2%.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 1.2% to 4765 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 1.1% to 4816 points
  • AUD/USD at US 71.02 cents
  • Iron Ore at US$45.25 a tonne, according to the Metal Bulletin
  • Gold at US$1,233.64 an ounce
  • Brent oil at US$31.71 a barrel

The Australian share market took its lead from international share markets, many of which experienced sharp falls overnight. However, the volatility certainly played in favour of the gold miners, many of which recorded significant gains today.

Northern Star Resources Ltd (ASX: NST), for instance rose 5.3%, while EVOLUTION FPO (ASX: EVN) and Beadell Resources Ltd (ASX: BDR) rose 5.1% and 5.9%, respectively.

Unfortunately, other mining shares didn’t fare so well. BHP Billiton Limited (ASX: BHP) ended the day 1% lower, while Rio Tinto Limited (ASX: RIO) fell 1.3% after the miner said it would scrap its progressive dividend policy.

The banks caused plenty of damage for the day as well. While all four ended the day more than 1.3% lower, Westpac Banking Corp (ASX: WBC) was the worst performer, losing 2.5%.

Bluescope Steel Limited (ASX: BSL) managed to gain 14.2%, while Paladin Energy Ltd (ASX: PDN) tumbled 7.9%.

Here are Friday’s top stories:

  1. Why the markets are being whacked
  2. Baby Bunting Group Ltd shares rise 4% on upbeat guidance
  3. The end for BHP Billiton Limited’s progressive dividend policy
  4. Is the National Australia Bank Ltd. share price going to hit $20?
  5. Here’s why shares of these 6 ASX gold miners are jumping today
  6. QBE Insurance Group Ltd shares plunge to 10-year low: Is it a bargain?
  7. An investor’s guide to Insurance Australia Group Ltd

NEW! Get our Top Dividend Stock for 2016

Our resident dividend expert names his Top Dividend Share for 2016. Not only are the shares dirt cheap, the company is trading on a fat, fully franked dividend yield. Simply click here to gain access to this comprehensive FREE investment report, including the name of this fast growing ASX dividend share. No credit card required!

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.