Australian stocks closed lower again.
Here’s the scoreboard:
- S&P ASX 200: 4,925.10 -7.14 -0.14%
- All Ordinaries: 4,982.20 -8.49 -0.17%
- AUD/USD: 0.6972 -0.0025 -0.36%
The Australian market lost ground for the eighth session in a row, failing to keep early gains sparked by a jump on Wall Street. Five sectors were lower and five higher.
The ASX 200 has dropped 7% since the start of the calendar year.
The banks were mixed with Westpac up 0.85% to $30.82 and the ANZ down 0.4% to $25.05.
The big miners were dragged down by continuing falls in commodity prices. BHP lost 3.47% to $15.01, Rio Tinto 3.3% to $39.15 and Woodside Petroleum almost 2% to $27.08.
The top stories for Tuesday:
1. Iron ore blues. The future of Australia miner Gindalbie Metals is in doubt over uncertainty that China’s state-run Ansteel will continue to support a joint magnetite project as global prices for iron ore continue to fall. Its shares closed 57% lower at $0.009.
2. He’s gone. Dick Smith’s CEO Nick Abboud has thrown in the hat, handing his resignation in overnight, effective immediately.
3. What to watch for. Five tips to help you avoid investing in the next Dick Smith.
4. Making high returns in low times. How this investment group got a 20% return from Australian shares in 2015.
5. Oldest uranium mine. The fate of the Ranger uranium mine in the Northern Territory will be decided soon.
6. Chart. Over a million Chinese visited Australia last year.
7. The plan. Why we shunned Sydney’s property madness and now travel the world staying in luxury hotels for free.