The iron ore giant was among the biggest casualties on Friday after the exit of another high-profile executive, but Santos rallied after selling an LNG stake.
The sharemarket dipped on Friday, as China’s efforts to shore up its stalling economy failed to reverse a negative mood, but the benchmark index ended the week 2.3 per cent higher after two weeks of losses.to ease pressure on their shrinking margins. But there are grave concerns about troubled developer Country Garden’s spiralling debt crisis in a sector that contributes to roughly a quarter of the economy.P/ASX 200 index lost 27 points, or 0.4 per cent, to 7278.
Elsewhere, Qantas came under renewed pressure to finish down 1.5 per cent to $5.82, extending its weekly loss to 6.9 per cent after theFinancial technology stock Link Administration rose 1.9 per cent to $1.365 after completing the sale of its banking and credit management unit. On a brighter note, Santos rallied 1.8 per cent to $7.81 after finalising the delayed sale of a 2.6 per cent stake in its liquefied natural gas project to Papua New Guinea’s Kumul Petroleum in a $US1.4 billion deal.
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