“In the next week or so, the Fed’s FOMC meeting will be key in driving sentiment, especially its update in economic projection and any indication of tapering, or even ending, its balance sheet reduction later this year.”
The major miners were mixed this week. BHP Group fell 1.1 per cent to $36.48 this week, Rio Tinto advanced 1.2 per cent to $91.65, South32 climbed 0.8 per cent to $3.81 and Fortescue Metals Group closed at $6.48, down 0.3 per cent for the week.
Gold miners also supported the market’s advance this week as investors hedged amid uncertainty over the future of Brexit and the trade war. Newcrest Mining climbed 0.9 per cent this week to close at $24.72, Evolution Mining rose 4.6 per cent to 3.65, St Barbara advanced 7.9 per cent to $4.50, and Saracen Minerals closed the week 8.6 per cent higher at $2.79.
Kogan.com shares closed 6.5 per cent lower at $3.74 despite its shares soaring on Thursday after announcing the launch of Kogan Marketplace in a bid to compete with Amazon, eBay and Catch Group. The new platform will allow third party traders, including Microsoft, Breville, Lego, Fisher-Price, Paw Patrol, SodaStream, Gillette, Gucci and Philips, to sell products through the platform.
The major financial stocks led the losses on the local sharemarket. ANZ shares fell 2.8 per cent to $26.35 this week, Westpac closed 1.9 per cent lower at $26.48, NAB slid 0.7 per cent to $25.21, Commonwealth Bank declined 1.2 per cent to $72.31 and Macquarie closed at $127.74, down 0.6 per cent.
Sigma Healthcare shares fell 14.6 per cent to 52.5¢ this week after the company knocked back a takeover offer from rival Australian Pharmaceutical Industries. Sigma boss Mark Hooper said the company would have to significantly boost its $730 million cash and scrip offer.