The S&P/ASX 200 Index rose 3.6% or 208.7 points this week in its biggest weekly gain in more than two years. Here are some of the biggest movers which helped shape this week in equity markets.
Beach Energy (ASX: BPT)
The Beach Energy share price plummeted 9.7% on Friday to close at $1.64 on the back of a slide in the oil price. While Beach Energy was by far the worst hit, it wasn't alone; the Santos Ltd (ASX: STO) share price fell 4.4%, while Oil Search Limited (ASX: OSH) share price closed 3.5% down and the broader S&P/ASX 200 Energy sector fell 2.6%.
The oil price was weighed by renewed trade angst and fears of a global slowdown spurred by comments from White House economic adviser Larry Kudlow. He said that while Trump remained optimistic on a deal being struck, there was still a "pretty sizeable distance" from that being achieved. The March 1 deadline is fast approaching, with the threat of new tariffs being implemented on March 2.
The Big Four Banks
The real reason for the strong performance in the ASX this week lies in the huge gains from the Big Four banks after they faced an overall better-than-expected outcome from the Royal Commission.
- Westpac Banking Corp (ASX: WBC) gained 8.99%
- Australia and New Zealand Banking Group (ASX: ANZ) finished the week up 7.86%
- Commonwealth Bank of Australia (ASX: CBA) lifted 7.15%
- National Australia Bank Ltd. (ASX: NAB) gained 4.04%
James Hardie Industries plc (ASX: JHX)
Industrial building material company James Hardie finished the week with an even bigger gain than any of the banks. The James Hardie share price finished the week 9.25% higher after posting positive quarterly earnings, improving investor sentiment around the stock. Like many others, James Hardie suffered from a broader construction malaise in 2018, with its share price still 32% down from its 52-week high.
