Market report: ASX down amid renewed global concerns while election hangs on a knife edge

The Australian stock market finished down today amid renewed concerns about the pace of the global economic recovery and as local investors await the outcome of tomorrow’s federal election, which has become too close to call.

The benchmark S&P/ASX200 index was down 48.1 points, or 1.1 per cent, at 4430.9, while the broader All Ordinaries index had dropped 47.5 points, or 1.1 per cent, at 4462.1. For the week, the ASX200 lost about 0.6 per cent, adding to last week’s slide of 2.3 percent.

Weakness was felt across the finance, materials and energy sectors.

In Asia most bourses finished the day down, partly on news of China’s efforts to rein in its red hot property market.

The S&P/ASX Health Care Index fell under 8000 points to 7893.1 points bringing up a total fall of 241 points for the week.

Investor confidence was challenges by blood group CSL’s full year results, delivered on Tuesday, which came in under analysts expectations. The company’s announcement of a $900 million share buy-back failed to assuage market concerns and the stock continued to slip on Friday, dropping just under one percent to close at $31.50, bring the week’s losses to around 3.5 percent.

The other majors finished the day weaker on Friday as well, with ResMed shedding just over one percent to close at $62.77, while Cochlear lost 1.6 percent to close at $68.88.

Elsewhere in the market, cancer vaccine specialists Prima Biomed was the heaviest traded stock today with 4.45 million shares changing hands. Earlier in the week the company announced the appointment of a key executive to oversee clinical trial activities related to its CVac product.