The market finished the week at 5,518.64, up 121.90 points from the previous week's close of 5,396.74. On Friday's trade the All Ordinaries finished up 52.35 points or 0.94 per cent.
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On Monday, Newcrest Mining announced that it had signed an agreement to sell Newcrest PNG 1 to a wholly owned subsidiary of Harmony Gold Mining Company. Newcrest PNG 1 is a 100% owned subsidiary of the Company that holds its 50% interest in the Hidden Valley JV including the Hidden Valley mine. The transactions will enable Company to focus its attention on its other assets.
On Tuesday, TPG Telecom announced its financial results for the year ended 31 July 2016. Earnings Before Interest, Taxes, Depreciation and Amortisation for the year increased by 75% to $849.4m. An increased final dividend of 7.5cps has been declared bringing total FY16 dividends to 14.5cps (fully franked), an increase of 26% over FY15. This EBITDA growth includes a maiden contribution from iiNet of $248.9m for the eleven and a quarter months' post acquisition. The Group delivered another strong cashflow result in FY16 with $759.2m cash generated from operations pre-tax. TPG slumped $2.55 to $9.28.
On Wednesday, Charter Hall Group announced that it had entered into an agreement to acquire a 50% tenants-in-common interest in the Melbourne office headquarters of Wesfarmers' subsidiary Coles, a long term occupant of the building which has recently signed a new 15-year lease expiring in 2030. The purchase was negotiated directly off market from Investa Office Fund, for a total purchase price of $140.5m. CHC lifted 15 cents (2.87 per cent) to $5.38.
At the close of weekly trading, the gold price finished at $1,341.70 per ounce, the WTI oil price traded at $44.48 a barrel, and the Australian dollar was worth US $0.76.
In the US on Friday night, the Dow Jones finished down 131.01 points to end the week at 18,261.45. This result has caused the Share Price Index to finish down 24 points to end the week at 5,396 which should lead to a negative start to today’s trading.
