Australia’s ALL ORDINARIES (INDEXASX: XAO)(ASX: XAO) index fell 1% on Friday, as the Telstra Corporation Ltd (ASX: TLS) share price slipped 2%.

All Ordinaries: down 1% at 5,937 points

ASX 200: down 0.9% at 5,838 points

The All Ordinaries returned to its falls despite selloffs earlier this week and an overnight 4% drop in the USA’s Dow Jones. On Tuesday, the All Ordinaries fell 3%.

Today’s falls are being attributed to renewed expectations of an increase in US inflation and interest rates.

Biggest Gainers

  • Specialty Fashion Group Ltd. (ASX: SFH) – up 29%
  • REA Group Ltd (ASX: REA) – up 2%
  • Carsales.Com Ltd (ASX: CAR) – up 2.3%
  • SKYCITY Entertainment Group Ltd (ASX: SKC) – up 1.3%

Biggest Losers

  • Telstra Corporation Ltd – down 2%
  • Macquarie Group Ltd (ASX: MQG) – down 2.5%
  • CSL Limited (ASX: CSL) – down 1.7%
  • Big Un Ltd (ASX: BIG) – down 42%

Amongst the Big Four banks, Australia and New Zealand Banking Group (ASX: ANZ) was the worst performer, falling 0.4%.

Macquarie Group shares fell 2.5% today, taking the five-day losses to 4.4%, according to Google Finance. Earlier in the week the investment bank released a trading update and said it had a “satisfactory quarter”.

REA Group announced its half year results to investors today, showing a 21% increase in profit from “core operations”. Read more here.

SKYCITY, the casino operator, also released its half-year report showing a 4% increase in revenue and a profit up 11.6%. Continue reading.

Shares in Big Un, a $270 million video production business from Sydney, were sold down in dramatic fashion today. Fairfax Media reported that Big Un was using the services of a third-party (FC Capital) to fund its customers’ payment for video production services.

“Like many major retailers, by partnering with Finstro, BIG is able to offer its customers interest free payment terms, and no upfront cost of production,” FC Capital’s CEO Brad Prout explained.

“This has proved to be very popular with our customers and we are currently exploring the ability to offer similar options to our overseas customers,” Big Un CEO Richard Evertz said.  

At the other end of the ASX’s performance tables, shares of Specialty Fashion, the owner of Millers, Rivers, Katies and more, jumped 29%.

This morning, the retailer reported $18.5 million in underlying EBITDA (what the heck does EBITDA mean?) and sales revenue of $399 million, down from $430 million.

What Did You Miss This Week?

Join Rask’s Investor Club Newsletter Today

You can join Rask’s FREE investor’s club newsletter today for all of the latest news and education on investing. Join today – it doesn’t cost a thing. BUT, you’ll need a good sense of humour and a willingness to learn.

Join today.

Keep Reading

 

Disclaimer: This article contains general information only. It is no substitute for licenced financial advice and should not be relied upon. By using our website you agree to our Disclaimer & Terms of Use and Privacy Policy