The Winners and Losers
The telecommunications sector clocked the healthiest return for the week, courtesy of better than expected forward guidance from Telstra, which added around 9 per cent during the week’s trade. The burgeoning information technology sector was the next hot performer, followed by the healthcare sector, rallying 4.27% on the back of a positive earning’s report from CSL, that sent that company’s stock to record highs around $217 per share.
The materials and energy sectors struggled most throughout the week, weighed down by the issues in the Chinese economy and emerging markets. Corporate reports under-delivered in materials stocks, with the likes of Iluka Resources Ltd and Mineral Resources tumbling over 16 per cent and 9 per cent respectively. Energy stocks were dented by a dip in oil prices throughout the week, alongside the 7.68 per cent fall in the share price of Origin energy.