The Winners and Losers
On such a dour week for the Australian share market, on a sector-by-sector basis, the winners were difficult to find. Some defensive trading coupled with the momentum of some recent good news supported the telecommunications sector, which added 2.63 per cent for the week, led by a 2.98 per cent rally in Telstra shares. Every other sector was otherwise down, with Real Estate stocks’ relatively modest 0.87 per cent loss for the week the next best performer.
Naturally, losers weren’t difficult to come across, as share traders rushed to liquidate their positions. The health care sector was the worst performing, down 5.50 per cent, largely owing to the fact those stocks have sustained the highest year-to-date gains on the ASX. The growth stock heavy I.T. sector was the next worst performer, stripping 4.54 per cent, while a general fall in commodities prices hit blue chip miners like BHP and Rio Tinto, leading the lynch-pin materials sector 3.09 per cent lower.