The Australian stock market fell today.
Closing down over 0.9%, some of the biggest declines were recorded by listed copper miners.
Here’s the scoreboard.
- S&P ASX 200: 5,353.60 -51.09 (-0.95%)
- All Ordinaries: 5,332.20 -49.9 (-0.93%)
- AUD/USD: 0.8091 -0.0075 (-0.93%)
Here are the top business stories for Wednesday.
- Copper got annihilated. It broke a technical line to fall to $2.457 after lunch..
Oz Minerals was down more than 11.68% to $3.25 a share, Sandfire was off 8.97% to $4.06 and PanAust was down 9.69% to $1.305.
- Retailer Harvey Norman recorded the biggest gains on the ASX today, up 6.65% to $3.69 a share. CMC Markets chief strategist Michael McCarthy said: “We’ve seen activity in the sector this week, early performers included JB Hi-Fi and Super Retail Group.” “Harvey Norman has been the laggard of retail stocks and looks like it’s doing some catch up today.” He said those types of retailers target the lower-to-middle class demographic which with lower petrol prices are expected to have increased spending power.
- Shares in Telstra, one of the most prominent defensive stocks on the ASX, hit a thirteen-and-a-half year high, hitting $6.19 before closing at $6.16.
- The Aussie dollar got smoked. First by the fall in value of engineering work in Australia then by the copper price which fell off the cliff.
Here’s the chart.