Australian stocks closed the session lower but ended the week higher.
- S&P ASX 200: 5,627.90 -16.04 -0.28%
- All Ordinaries: 5,675.10 -16.68 -0.29%
- AUD/USD: 0.7208 -0.0010 -0.14%
The local market stumbled on the final, shortened Christmas trading, day of the week. However, the ASX200 still closed the week with a 1.7% gain.
Today, the big miners dragged on the market, BHP fell 2% to $24.63 and Rio Tinto 2.2% to $58.77.
Financials also slipped with the NAB down 0.49% to $30.65 and the Bank of Queensland 0.4% to $11.95.
The top stories:
1. Nikko Asset Management says Donald Trump will deliver strong returns for stocks in 2017. This is the most positive view that Nikko’s Global Investment Committee has had on global equities in a long time.
2. Auckland is now more expensive than Sydney for an expat. ECA International’s latest rankings for the most expensive cities for expatriates has seen Kiwi cities push up 64 places on average, making them the highest climbers in the past year.
3. It looks like China’s coking coal supply crunch is over. According to Macquarie Bank’s commodity research team, coking coal inventories are recovering, and as a result prices are now starting to fall.
4. Tatts rejects a takeover bid by a Macquarie Bank consortium. Tatts prefers instead to merge with Tabcorp and create a gambling powerhouse with an enterprise value of $11.3 billion and a market capitalisation of $8.6 billion. Tatts shares closed 2.8% lower at $4.42.
5. Shaver Shop sees weak Christmas sales. Australians aren’t buying as many personal grooming products as expected. Its shares dropped 14.6% to $0.70.
6. A Christmas cyclone is headed for WA. The northern coast of Western Australia is being told to prepare for destructive winds gusting up to 165km/h as tropical cyclone, Yvette, tracks towards the mainland.
7. Alleged ISIS-inspired Christmas terrorist attack foiled in Melbourne. Seven people have been arrested.
8. A major breakthrough in Perth’s Claremont serial killer case. A man has been charged with two counts of murder in connection with Australia’s longest-running and most expensive police investigation.