The rally in Australian stocks, fueled by a solution to the Greek debt crisis, finally faded after three days, coasting to a flat close. The market is up about 3% for the week.
Here’s the scoreboard:
- S&P ASX 200: 5,670.10 +0.49 +0.01%
- All Ordinaries: 5,652.50 +2.71 +0.05%
- AUD/USD: 0.7402 -0.0003 -0.03%
On Wall St overnight, the S&P 500 closed 0.8% higher. On the local market, seven out of ten sectors were higher.
The major banks and big miners were either flat or marginally weaker. The ANZ was down 0.61% to $32.44. BHP was up 0.07% to $27.10 but Rio Tinto was down 0.56% to $53.01. The BHP spinoff, S32, was up 2.82% to $1.82.
With crude oil up about 0.8%, Woodside Petroleum added 1.22% to $34.99 and LNG 6.49% to $3.94.
The top stories Friday:
1. Revenue at Santos dropped below expectations, down 19% to $786 million in the June quarter as falling oil prices continue to eat into the energy giant’s business. Its shares closed down 0.78% to $7.66.
2. Richer rare earths. Lynas doubled cash sales to $52.7 million, up from $25.9 million, in the June quarter as the miner increased production. Its shares closed up 5.26% to $0.04.
3. Metcash hires former Coles and Woolowrths executives. Steven Cain has been appointed CEO of supermarkets at IGA. Metcash closed up 10.4% to $1.165.
5. Three top fund managers sum up what’s freaking everyone out about China’s bubbly stock market.
6. The big divide in Australia’s home ownership market looks set to grow even further, according to research by the ANZ.
7. North Korea’s economy grew faster than the Eurozone last year. It expanded by 1.0% to $29.85 billion.