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Australia: Shares hit by AMP, ANZ profit warnings, biggest weekly loss in 4 months

Friday, October 28, 2016 - 14:30

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[BENGALURU] Australian shares ended lower on Friday and capped their biggest weekly loss in four months, dragged down by financials, after profit warnings from AMP Ltd and Australia and New Zealand Banking Group rattled market sentiment.

The S&P/ASX 200 index fell for a third straight session to close 0.2 per cent down at 5,283.8. The index was down 2.7 per cent on the week.

The country's biggest retail wealth manager AMP fell 9.1 per cent to its lowest in more than two years, after saying it would book US$910 million in charges for the current financial year.

ANZ fell 1.7 per cent to a near two month low after saying it would record one-off charges of A$360 million (S$382.18 million).

sentifi.com

Market voices on:

Some losses were offset by gains in energy and mining sectors, with the energy index snapping five sessions of losses to rise 1.6 per cent, The benchmark materials index rose 1.4 per cent, recording its biggest intraday percentage gain in more than four weeks.

New Zealand's benchmark S&P/NZX 50 index closed down 0.2 per cent, or 13.31 points, at 6,928.64. The index fell for a fourth consecutive week, down 0.4 per cent.

Gains in healthcare stocks were negated by losses in materials and consumer discretionary stocks.

Retirement villages operators Ryman Healthcare Ltd and Summerset Group Holdings were among the leading gainers, ending more than two per cent up.

Trade Me Group Ltd was the biggest drag on the index falling about 3.3 per cent to its lowest in more than a week.

REUTERS

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