ASX 200 weekly wrap: Coles float & CBA, ANZ, NAB & Westpac higher

The Australian share market closed lower last week, as falls across the energy and mining sectors overpowered the big four banks’ gains.
Coles-Wesfarmers demerger impacts ASX 200
Source: ArliftAtoz2205 (Shutterstock)

Over the course of last week, the benchmark S&P/ASX 200 and the All Ordinaries were down 0.24% and 0.49% at 5,716 points and 5,793 points, respectively.

Three heavyweight sectors were in the red last week with energy down 3.76%, telecommunications down 2.57% and materials down 2.40%, while the smaller information technology sector declined 7.94%.

Canstar’s General Manager of Wealth Josh Callaghan said sharp declines in oil prices hurt the energy sector, while technology stocks experienced the heat of changing investor mindsets.

“The technology sector took a slap from the market, with Afterpay and Xero feeling the brunt of it as investors across the globe reined in their growth expectations of high-flying tech stocks,” Mr Callaghan said.

Payment technology company Afterpay saw its share price drop 12.4% over the course of last week.

Another stock that didn’t do so well was Wesfarmers as its share price adjusted to no longer having Coles supermarkets as part of its business following the demerger.

Wesfarmers’ share price fell by 28.2% with more than $14.1 billion wiped from its market value.

Coles floated on the share market last Wednesday with its shares closing at $12.75 last week.

ASX 200 Listed Companies – Top 5 Biggest Share Price Gains and Losses (16/11/2018 to 23/11/2018)
Biggest Gains Biggest Losses
Rank Company Closing Share Price % Change Rank Company Closing Share Price % Change
1 Trade Me Group (TME) $5.62 18.6% 1 Wesfarmers (WES) $31.89 -28.2%
2 Mineral Resources (MIN) $15.48 15.6% 2 CYBG (CYB) $3.41 -24.2%
3 Saracen Mineral Holdings (SAR) $2.58 5.3% 3 Fletcher Building (FBU) $4.40 -17.0%
4 Carsales.com (CAR) $11.90 4.9% 4 Bravura Solution (BVS) $3.84 -13.1%
5 Sonic Healthcare (SHL) $22.91 4.7% 5 Afterpay Touch Group (APT) $11.29 -12.4%
Prepared by Canstar. Prices taken as of week to week close.

Last Monday saw the start of the seventh and final round of the royal commission’s hearings into financial misconduct, where Commonwealth Bank and Westpac chief executives were among those to take the stand.

Despite this, the big four banks were among the best performers last week.

CBA’s shares closed 3.5% higher, Westpac’s were up 3%, ANZ shares gained 3.9% and National Australia Bank rose 3%.

ANZ and NAB executives and leaders are due to appear before the commission this week in Melbourne.

ASX 200 Listed Companies – Top 5 Biggest Market Cap Gains and Losses   (16/11/2018 to 23/11/2018)
Biggest Gains Biggest Losses
Rank Company $ Change in Market Cap Closing Share Price % Change in Share Price Rank Company $ Change in Market Cap Closing Share Price % Change in Share Price
1 Commonwealth Bank of Australia (CBA) $4,248,574,817 $71.30 3.5% 1 Wesfarmers (WES) -$14,173,003,025 $31.89 -28.2%
2 Australia and New Zealand Banking Group (ANZ) $2,663,505,456 $26.34 3.9% 2 RIO Tinto (RIO) -$4,206,601,029 $76.78 -3.2%
3 Westpac Banking Corp (WBC) $2,644,793,467 $26.04 3.0% 3 BHP Billiton (BHP) -$2,601,469,795 $31.55 -2.5%
4 National Australia Bank (NAB) $1,941,304,618 $24.48 3.0% 4 Macquarie Group (MQG) -$1,521,510,839 $114.53 -3.8%
5 Goodman Group (GMG) $816,246,898 $10.70 4.4% 5 Telstra Corporation (TLS) -$1,427,195,742 $2.92 -3.9%
Prepared by Canstar. Prices taken as of week to week close.

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