After a topsy-turvy week the ASX has closed the week in the red, down 0.83% but finished Friday?s session 0.5% higher at 7308 points. Uilities led the gainers by 1.18% while consumer staples companies were the laggards, down 0.93%.
Looking at the top 5 biggest gainers in afternoon trade, Southern Cross Media was the best performing stock gaining 6.53%. Boral added 6.38%. Pinnacle Investment Management rose 5.05%. Tassal Group and Adbri rose higher by 5.04% and 4.88% respectively.
New Hope Corporation was the worst performing stock on the ASX/200, down 7.61%. Pilbara Minerals was lower by 3.88% with Jumbo Interactive also losing ground at 3.32%. Wisetech Global and Seven Holdings finished lower, down 2.76% and 2.64% respectively.
Making headlines, Australian coal producers may be forced to self-insure, while the exit of the big four banks will cause international financials may force international lenders to quit lending to the sector, Whitehaven Coal told a federal parliamentary inquiry. Global insurers, along with banks and other industries, have come under increasing pressure from shareholders and climate activists to stop facilitating fossil-fuel mining projects, which Whitehaven said was having an impact on operating costs.
In further news, Seven Group has raised its all-cash offer in Boral from $6.50 a share to $7.30 on the condition it secures acceptances necessary to increase its stake to 29.5% by July 2. The offer would increase to $7.40 if Seven Group secures acceptances necessary to raise its stake to 34.5% by July 7. Shares in Boral rose upon news of the increased offer.
The Aussie dollar is trading higher against the Greenback and is currently buying 75.97 US cents, 84 Japanese Yen and 63.59 Euro cents.
Bitcoin is trending higher, trading at US$34,494 at 4:52 PM AEST.
In commodities, iron ore is 1.27% lower at US$206.74 per metric ton while gold has risen to 0.23% to now be worth US$1,779.24 an ounce. West Texas Crude oil is up 0.30% at US$73.30 per barrel while Brent oil is also higher by 0.49% at US$75.56 per barrel.