The Australian market went on a ride, falling, then rising and falling again before closing flat, as investors followed the gyrations of Chinese stocks.
Here’s the scoreboard:
- S&P ASX 200: 5,584.70 -5.19 -0.09%
- All Ordinaries: 5,571.00 -8.16 -0.15%
- AUD/USD: 0.7316 +0.0048 +0.66%
On Wall Street, the S&P500 closed down 0.58%, following hard falls in Europe. On the local market, seven out of ten sectors were lower.
The major banks and the big miners had mixed fortunes. Westpac shed 0.44% to $34.21, but the ANZ was 0.34% higher at $32.22. BHP was down 0.54% to $25.37 but Rio Tinto was up 0.18% to $51.28.
Among energy stocks, Santos was up 0.56% to $7.13. Origin Energy, which said its Australia-Pacific LNG project is on track, closed higher by 2.69% to $11.45.
Gold stocks also lost ground with Northern Star weaker by 4.61% to $2.07.
The top stories Tuesday:
1. Myer plans to cut staff. The retailer revealed plans to cut staff by voluntary redundancies. and its shares went up. Myers closed 1.27% higher at $1.20.
2. A perfect storm forms for the Australian dollar. Commodities crashing, stocks selling off, confidence in the Chinese economy falling sharply and the Federal Reserve increasingly looking like it will begin its tightening cycle this September.
4. Australian IT company UXC has secured more than $100 million in contracts. Its shares soared on the news. The closed up almost 8% to $0.88.
5. An insider talks about what happened at Vocus when TPG tried to block the merger with Amcom.
6. The ANZ has appointed a senior McDonald’s restaurants executive, Catriona Noble, as managing director, retail distribution, to grow its consumer banking and focus on customer relationships.
7. The NAB is selling down the last of its interest in the South Dakota-based Great Western Bank in a share offering. The bank closed down 0.15% to $33.86.
8. Westpac hasn’t joined the ANZ, CBA and NAB in hitting property investors because of an IT problem.