Market Wrap - Week Ending Friday 20th July 2007

By the end of last week the index rose 37.6 points to close at 6,421.8 for the week, posting its third straight weekly gain. It has risen 13.3 percent since the start of the year and is now just 0.2 percent off its lifetime high of 6,436.7 reached on July 13.

Energy stocks rose after oil prices climbed last Thursday to their highest level in more than 11 months. This was due to U.S. supply concerns and production problems in Angola.

The Australian dollar continued to rally last week and reached an 18-year peak on Friday, as investors favored high-yielding currencies and concerns lingered over the U.S. sub prime mortgage market. At Friday’s close one Australian dollar bought 0.8802 US dollars.