Market Wrap: S&P/ASX 200 ends week on top

Local shares dipped this morning but recovered nicely in the afternoon, with the market ending the day on top. It rose 1.5% for the week.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.3% to 5,166 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.3% to 5,224 points
  • AUD/USD at US 74.87 cents
  • Iron Ore at US$57.92 a tonne, according to the Metal Bulletin
  • Gold at US$1,271.07 an ounce
  • Brent oil at US$40.78 a barrel

It was another bumpy day for mining shares but their losses were more than compensated for by gains from Australia’s biggest banks.

Although Australia and New Zealand Banking Group (ASX: ANZ) fell 0.3%, its three peers all ended the day in the black. National Australia Bank Ltd. (ASX: NAB) was the best, rising 0.9%, while Westpac Banking Corp (ASX: WBC) also gained 0.7%.

BHP Billiton Limited (ASX: BHP) didn’t fare so well, falling 0.5%, while Fortescue Metals Group Limited (ASX: FMG) also fell 2.2%.

Beadell Resources Ltd (ASX: BDR) and EVOLUTION FPO (ASX: EVN) both gained 7.8% and 5% after a rise in the price of gold. Paladin Energy Ltd (ASX: PDN) wasn’t so lucky, losing 4.6%.

Here are Friday’s top stories:

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  3. Tourism BOOM: Which travel companies should you buy?
  4. Here’s why the Slater & Gordon Limited shares have been punished
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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.

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