The Australian market closed higher.
Here’s today’s scoreboard:
- S&P ASX 200: 5,081.10 +59.87 +1.19%
- All Ordinaries: 5,142.20 +58.75 +1.16%
- AUD/USD: 0.7319 +0.0024 +0.33%
Stocks closed in positive territory for the third day in a row, adding to yesterday’s 2.01% rise and Tuesday’s 0.85%. The market has gained 4% in the first few days of March but is still down 4% since the start of 2016.
Again, the big four banks led the market with the NAB up 3.2% to 26.37 and the ANZ 2.9% to $24.80. Among the miners, BHP was 3.1% higher at $17.25 and Rio Tinto 2% to $44.20.
Bega Cheese, which has a joint venture with Blackmores selling high demand infant formula locally and to China, was up more than 10% to $6.22. Its half year results announced last week showed how Bega has avoided the fall dairy prices, posting a 139.5% rise in profit to $14.499 million on a 1.6% rise in revenue to $561.37 million.
Shares in Slater and Gordon, now talking to its bankers after a posting a big half year loss and seeing falling revenue from its UK business, surged higher. They were up more than 26% to $0.33 but still worth half what they were a week ago and a long way from a $8 high last year.
The top stories Thursday:
1. Compensation and rebuilding costs after the fatal Brazil mine disaster. BHP has done a deal with authorities in Brazil.
2. Gaming in Macau. Shrinking revenue from gaming in Macau, which has hit James Packer’s Crown Resorts, is unlikely to make a recovery this year. Crown Resort shares were flat at $11.97.
3. The big diamonds keep coming. A Perth miner just made another $9.6 million from a haul of big diamonds in Angola. Its shares were up 3.6% to $0.42.
4. Consolidation in pure play online retailing. Shoply is merging with the IT accessories and business tech group Anyware Corporation and Harris Technology.
5. Selling a lot of wine. Michael Clarke, the CEO of Treasury Wine Estates, has just been given a $500,000 pay rise, bringing his base pay to $2.2 million.
6. The startup story. The untold story of Spreets, the Aussie company Yahoo bought for $40 million
7 AMP buys a fintech startup. After investing $1.5 million into Sydney-based MoneyBrilliant in 2014, AMP announced it has acquired the business for an undisclosed sum.
8. The rise of the machines. Here’s where robots will take over jobs in Australia.