The S&P/ASX has spent another week in the red, losing 103 points (-1.95%) to finish the weeks trade at 5,180.8 points.
The move lower stemmed from a falling oil price and concerns surrounding the U.S election, with global investors preparing themselves for the possibility of a Trump victory. The price of Brent fell by $4.16 (-8.21%) by 4pm on Friday, trading at $46.50 per barrel. Woodside Petroleum (ASX:WPL) and Santos Limited (ASX:STO) continued to fall this week as a result, losing by 1.48% and 5.34% respectively.
The big four banks couldn’t shake the negative sentiment, with Commonwealth Bank of Australia (ASX:CBA) losing 2.42% over the period, ending the week down $1.76 at $70.99. Westpac Banking Corp (ASX:WBC) lost 53c (-1.75%) and ANZ Banking Group Limited (ASX: ANZ) lost 68c (-2.46%), closing at $29.71 and $26.94 respectively.
AMP Limited (ASX: AMP) shares continued to tumble this week, following a loss of -11.53% last week. The move came after the company laid out plans to book a A$668 million impairment charge this year against the goodwill attributed to its Australian wealth-protection business. The financial services firm has said that the hit won’t impact full-year underlying profit. The company’s shares traded a further 3.21% lower this week, closing trade at $4.53 per share.
In more positive news, developer of quality medical solutions in the neuroscience space, Neurotech International Limited (ASX: NTI), has listed on the Australian Securities Exchange (ASX) this week after raising A$7m in an initial public offering (IPO) . The company issued 35m new shares at A$0.20 per share, giving it an indicative market capitalisation of A$17.6m.
Neurotech provides regulated medical solutions for the management of neurological disorders including autism spectrum disorder (ASD), epilepsy, anxiety and depression. Neurotech’s first key product is Mente Autism, a clinical-quality EEG device that uses neurofeedback technology to help children with ASD. Designed for home use, Mente Autism helps relax the minds of children on the spectrum which in turns helps them to focus better and engage positively with their environment.
The company debuted on the exchange on Friday afternoon and closed the session at 28.5c per share, a healthy 42.5% above the IPO issue price.