Australian Shares Add 0.2%, Crown Surges on Fresh Bid

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Australian Shares Add 0.2%, Crown Surges on Fresh Bid
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 finished Friday’s session 7.30 points or 0.23% higher at 7,396.50, boosted by miners and energy stocks, while falling 0.66% for the week as persistent inflation concerns continued to plague market participants both locally and abroad.

Among stocks, Crown Ltd (ASX: CWN ) surged 16.78% after reports of a fresh takeover bid from United States private equity firm Blackstone Group Inc (NYSE: BX ) for a total of $A8.5 billion. Miners fared well as Rio Tinto Ltd (ASX: RIO ) added 0.67%, BHP Billiton Ltd (ASX: BHP ) gained 0.78% and while Fortescue Metals Group Ltd (ASX: FMG ) added 0.72%. Energy companies also traded higher, with Santos Ltd (ASX: STO ) up 0.75%, Oil Search Ltd (ASX: OSH ) gaining 0.96%, Woodside Petroleum Ltd (ASX: WPL ) lifting 0.5% and Beach Energy Ltd (ASX: BPT ) up 0.4%.

Financial stocks closed mixed, with National Australia Bank Ltd (ASX: NAB ) down 0.73%, Westpac Banking Corp (ASX: WBC ) adding 0.05% and Australia and New Zealand Banking Group Ltd (ASX: ANZ ) falling 0.84%. Commonwealth Bank Of Australia (ASX: CBA ) gained 0.58% after taking a stake in major New York-based cryptocurrency exchange platform Gemini. Chief Executive Officer Matt Comyn noted that banks need to be involved in the adoption of technology underpinning crypto, saying that “We see risks in participating, but we see bigger risks in not participating,” in an interview with Bloomberg Television in Sydney.

On the bond markets, Australia 10-Year rates were at 1.82% while United States 10-Year yields were at 1.596%.

In New Zealand, then NZX 50 was down 0.47% to 12740, closing at 13-week lows.

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