The Australian market closed weaker today but ended the week higher.
Here’s today’s scoreboard:
- S&P ASX 200: 4,952.80 -39.20 -0.79%
- All Ordinaries: 5,008.30 -38.81 -0.77%
- AUD/USD: 0.7112 -0.0045 -0.63%
The local market has added almost 4% this week, helped by sharp rises in the price of oil, but still below the key 5000 point level on the ASX 200 index. The market is down 6.5% since the start of 2016.
Today the major banks were weaker with NAB down more than 2% to $25.62.
BHP lost 2% to $16.610 and Woodside Petroleium 2.2% to $28.10 .
Scrap metal recycler Sims Metal fell 13.4% to $6.72 after posting a loss of $250 million, as prices for metals keep falling with overcapacity in steel production in China.
The top stories Friday:
1. A mug’s game. Treasury is overhauling how it makes forecasts — but still wants to be let off the hook.
2. Sim trouble. Amaysim reported disappointing half year results, its first since its IPO. Its shares closed down almost 37% to $1.55.
3. The many benefits of a hot property market. Fairfax Media, which has been restructuring for a digital world, has seen a surge in revenue for both digital and print advertising coming. Fairfax shares were down 3.6% to $0.80.
4. A change in CFO at NAB. Craig Drummond, who oversaw a string of big assets sales and demergers over the last two years, has resigned as group executive finance and strategy.
5. Fading payouts. Energy giant Santos has cut its dividends and tied future payouts to underlying profit after posting a full year loss of $2.7 billion. Its shares closed dolwn 4.2% to $3.39.
6. Rising in the world rankings. Qantas, which has made a triumphant return to profit in one of the biggest turnarounds in Australian corporate history, has also seen impressive growth in the value of the flying kangaroo brand.
7. Wealthy investors. The number of high net worth investors in Australia has stopped growing and started to shrink after a turbulent year on financial markets.
8. Getting that job. 40 Australian executives share the one interview question that they always ask.
10. James, James Bond. The one and only Aston Martin DB10 up for sale, was auctioned for charity by Christie’s in London last night, fetching a staggering £2,434,500 ($AU4.81 million).