The benchmark S&P/ASX 200 index was up 0.26% to 5,682 points at the close last week, and the All Ordinaries index gained 0.15% to 5,758 points.
The ASX 200 posted its biggest daily gain since November 2016 on Monday following positive developments in US-China trade relations, but those gains were short-lived.
The market suffered three-straight losses mid-week as investors reacted to US-China trade concerns and fears of slowing economic growth in the US.
According to analysts at CommSec, the market recovered on Friday to close higher after fears eased on the back of encouraging news that the US Federal Reserve was considering a more cautious approach on interest rates.
Canstar’s General Manager of Wealth Josh Callaghan said following the end-of-week rally, the US market subsequently had a large sell-off during their Friday trade.
“This will no doubt weigh heavily on the local market this week,” Mr Callaghan said.
The utilities sector led gains over the week, up 3.35%, while the heavyweight health care sector closed 2.42% higher and telecommunications was up 2.9%.
Origin Energy was one of the top performers on the ASX 200 last week, closing 7.1% higher following an investor day briefing.
Shares in Telstra were up 5.1% with the telco adding more than $1.7 billion to its market value.
Banks and miners weighed heavily on the market mid-week – financials were down 2.1% and the materials sector closed with a minor gain of 0.23%.
A price target upgrade from analysts at Macquarie saw supermarket giant Coles’ share price jump 7.6%.
On Friday, Coles launched a Christmas-themed range of its highly popular Little Shop mini collectable items.
The biggest gain by a long shot last week came from agribusiness Graincorp, up 25.5%, off the back of a takeover offer from Long-Term Asset Partners which is hoped to leave the company and farmers better off.
| ASX 200 Listed Companies – Top 5 Biggest Share Price Gains and Losses (30/11/2018 to 07/12/2018) | |||||||
| Biggest Gains | Biggest Losses | ||||||
| Rank | Company | Closing Share Price | % Change | Rank | Company | Closing Share Price | % Change |
| 1 | Graincorp (GNC) | $9.16 | 25.5% | 1 | IOOF Holdings (IFL) | $4.60 | -33.3% |
| 2 | Speedcast International (SDA) | $3.59 | 9.5% | 2 | Lynas Corporation (LYC) | $1.68 | -20.0% |
| 3 | Coles Group (COL) | $12.60 | 7.6% | 3 | Emeco Holdings Limited (EHL) | $2.20 | -15.1% |
| 4 | Origin Energy (ORG) | $6.94 | 7.1% | 4 | Ausdrill (ASL) | $1.27 | -12.4% |
| 5 | BlueScope Steel (BSL) | $12.02 | 7.0% | 5 | Afterpay Touch Group (APT) | $12.69 | -12.0% |
| Prepared by Canstar. Prices taken as of week to week close. | |||||||
On the other side of the coin, shares in financial services company IOOF were down 33.3% after APRA advised it would take action to disqualify three of its executives and two directors for failing to act in the best interests of its superannuation members.
The prudential regulator also advised it would aim to have additional licence restrictions placed on IOOF.
Mr Callaghan said IOOF’s acquisition of ANZ’s OnePath superannuation business was now back under consideration.
ANZ led market value losses last week, having dropped more than $3.1 billion with its share price shedding 4.1%.
| ASX 200 Listed Companies – Top 5 Biggest Market Cap Gains and Losses (30/11/2018 to 07/12/2018) | |||||||||||
| 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 | CSL (CSL) | $2,944,227,565 | $183.90 | 3.7% | 1 | Australia and New Zealand Banking Group (ANZ) | -$3,125,927,198 | $25.71 | -4.1% | ||
| 2 | Telstra Corporation (TLS) | $1,783,994,678 | $3.08 | 5.1% | 2 | National Australia Bank (NAB) | -$1,749,908,388 | $24.00 | -2.6% | ||
| 3 | BHP Billiton (BHP) | $1,573,728,642 | $31.18 | 1.6% | 3 | Commonwealth Bank of Australia (CBA) | -$1,522,405,976 | $70.37 | -1.2% | ||
| 4 | Scentre Group (SCG) | $1,382,419,274 | $4.16 | 6.7% | 4 | Aristocrat Leisure (ALL) | -$932,274,459 | $22.20 | -6.2% | ||
| 5 | Goodman Group (GMG) | $1,287,856,216 | $10.96 | 6.9% | 5 | QBE Insurance Group (QBE) | -$837,067,324 | $10.69 | -5.6% | ||
| Prepared by Canstar. Prices taken as of week to week close. | |||||||||||
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