ASX 200 Weekly | Westpac shares punished while Qantas rises again

Australia’s stock market fell last week, tracking down more than 1%. It was a horror week for Westpac, with the bank’s shares sliding along with the other Big Four banks, but Technology One and Qantas gained ground. This is a wrap of the ASX in the week that was.

Westpac launches voice technology with Siri
Source: ms.nen (Shutterstock)

Hopes are positive for a good day on the market today, with the Australian Securities Exchange (ASX) expected to follow most US and European markets into a higher opening.

Last week investors sold out of the ASX and the overall value of the S&P/ASX200 fell 1.22% to 6,710 points.

S&P and All Ords Movements (15/11/2019 to 22/11/2019)
  Closing Points % Change
S&P/ASX 200 (XJO) 6,710 -1.22%
All Ordinaries (XAO) 6,817 -1.18%
Prepared by Canstar. Points taken as of Monday open to Friday close.

 

Sector Movements (15/11/2019 to 22/11/2019)
  Closing Points % Change
Consumer Discretionary (XDJ) 2,700 1.34%
Consumer Staples (XSJ) 13,011 1.34%
Energy (XEJ) 11,213 -0.74%
Financials (XFJ) 6,033 -3.00%
Health Care (XHJ) 40,151 -1.50%
Industrials (XNJ) 7,071 -0.12%
Information Technology (XIJ) 1,432 -1.02%
Materials (XMJ) 13,361 -0.44%
Telecommunication Service (XTJ) 1,254 -0.75%
Utilities (XUJ) 7,968 -2.43%
Prepared by Canstar. Points taken as of Monday open to Friday close.

Declines were widespread across most sectors, but the financials suffered the worst, falling 3%. Utilities, health care, and telecommunication services all declined as well.

The consumer-focused stocks in discretionary items and staples were the only sectors to grow in value.

This week, economists and brokers will listen out for a speech from the Reserve Bank Governor Philip Lowe tomorrow for indications about future stimulus.

Internationally, the US Federal Reserve Chair Jerome Powell will also give a speech today. And as ever, stock-watchers will be mindful of the ever-changing fortunes of the US-China trade negotiations.

Banks take a lashing

Westpac (WBC) share prices tumbled 7% last week on the news the government anti-money laundering agency AUSTRAC would pursue the banking giant over alleged inappropriate assessment and monitoring of more than 19.5 million international transfers.

In the damaging statement of claim, filed with the Federal Court on Wednesday, it alleges Westpac failed to conduct adequate due diligence on transactions that could have been related to “potential child exploitation risks”.

Its competitor National Australia Bank (NAB) was also in the news – and out of favour with investors – for agreeing to settle a class action following the banking royal commission. Its shares fell 4.9%.

But other big companies were buoyant. Gaming machine company Aristocrat Leisure (ALL) shot up 9.9% last week on the news its move into online games was proving highly profitable.

And the a2 Milk Company (A2M), which produces milk and infant formula, revealed at its AGM it was on track for increased revenue, sending its price up 16.6%.

Majors Fortescue Metals Group (FMG), Qantas Airways (QAN) and Coca-Cola Amatil (CCL) also increased in value.

Technology One and Qantas gain

Technology One (TNE) stocks rose to $9 each, up 13.4%, after it delivered its full year results. It shared its guidance for increased profit and revenue as it transitions to a “software as a service” model.

ASX 200 – Top 5 Share Price Gains (15/11/2019 to 22/11/2019)
Rank Company Closing Share Price % Change
1 The a2 Milk Company (A2M) $13.99 16.6%
2 Technology One (TNE) $9.00 13.4%
3 Aristocrat Leisure (ALL) $34.49 9.9%
4 Chorus Ltd (CNU) $5.26 6.7%
5 Qantas Airways (QAN) $7.14 5.3%
Prepared by Canstar. Prices taken as of week to week close.

Qantas also gained more than 5%. The competition watchdog, the ACCC, said it would not object to a partnership involving its Frequent Flyer programme and BP service stations.

ASX 200 – Top 5 Market Capitalisation Gains (15/11/2019 to 22/11/2019)
Rank Company $ Change in Market Cap Closing Share Price % Change in Share Price
1 Aristocrat Leisure (ALL) $1,992,257,748 $34.49 9.90%
2 The a2 Milk Company (A2M) $1,463,407,882 $13.99 16.60%
3 Fortescue Metals Group (FMG) $1,354,744,564 $9.50 4.90%
4 Qantas Airways (QAN) $536,685,509 $7.14 5.30%
5 Coca-Cola Amatil (CCL) $390,959,838 $11.44 5.00%
Prepared by Canstar. Prices taken as of week to week close.

Mayne Pharma and Saracen fall

Pharmaceutical manufacturer Mayne Pharma (MYX) slumped 16.4%, after it told the market its revenue is tracking 16% lower this year due to difficulties in the US market.

Salary packaging company Smartgroup Corporation (SIQ) continued to fall on the announcement its long-serving chief executive Deven Billmoria would retire in February 2020.

Gold miner Saracen Minerals (SAR) also fell over the week, after its AGM. The company went into a voluntary trading halt before announcing  a capital-raising effort to fund a new gold mine purchase. Investors sent the shares down 10.6%. 

ASX 200 – Top 5 Share Price Losses (15/11/2019 to 22/11/2019)
Rank Company Closing Share Price % Change
1 Mayne Pharma Ltd (MYX) $0.49 -16.4%
2 Smartgroup Corporation (SIQ) $9.32 -15.2%
3 Polynovo Ltd (PNV) $1.92 -13.3%
4 Saracen Mineral Holdings (SAR) $3.03 -10.6%
5 Pinnacle Investment Management (PNI) $4.62 -8.5%
Prepared by Canstar. Prices taken as of week to week close.

 

ASX 200 – Top 5 Market Capitalisation Losses (15/11/2019 to 22/11/2019)
Rank Company $ Change in Market Cap Closing Share Price % Change in Share Price
1 Westpac Banking Corp (WBC) -$6,638,186,948 $24.77 -7.00%
2 National Australia Bank (NAB) -$3,918,098,695 $26.28 -4.90%
3 CSL Ltd (CSL) -$2,310,190,146 $269.65 -1.90%
4 Commonwealth Bank (CBA) -$1,929,561,063 $79.60 -1.40%
5 ANZ Banking Group Ltd (ANZ) -$1,559,021,707 $24.86 -2.20%
Prepared by Canstar. Prices taken as of week to week close.

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