Australian stocks closed weaker.
- S&P ASX 200: 5,507.80 -27.25 -0.49%
- All Ordinaries: 5,607.30 -20.84 -0.37%
- AUD/USD: 0.7707 +0.0051 +0.67%
The major banks and financial stocks dragged the local market to a negative closed despite a stronger Wall Street where the S&P 500 closed 0.2% higher.
The Commonwealth Bank, which went ex-dividend yesterday, lost another 1.2% to close at $73.12. The NAB dropped 0.6% to close at $27.27.
Financial market platform Iress closed at $11.71, up more than 9%, after posting a 15% rise in full year profit to $32.7 million.
Whitehaven Coal returned to the black, posting a full year profit of $20.5 million compared to a loss of $342.7 million in the previous year. Its shares closed 3.9% higher at $2.12.
CSL lost another 2.8% to close at $107.70 after yesterday posting a 10% fall in full year net profit to $US1.24 billion ($A1.6 billion).
QBE added another 2% fall to yesterday’s 8% when the insurance group posted a 46% fall in half year profits to $US265 million. Today the shares closed at $10.02.
The top stories:
1. The premium wine strategy is working. Profit at Treasury Wine Estates has more than doubled to $179.4 million, a sharp indicator that the turnaround of the once-troubled company is hitting targets. Its shares added 11.5% to close at $10.65.
2. A huge surge in part-time employment. Seasonally adjusted, the economy added 26,200 jobs for July. The market was expecting 10,000.
3. Travelling online. Webjet announced a record full year profit of $22.2 million, a 27% rise, as the online travel booking site starts to build its digital wholesale business. Its shares surged 20.5% to close at $9.70.
4. Wealth protection dips. AMP, the financial services giant, today reported a 10% drop to $513 million in underlying profits for the half year, about $12 million below analyst expectations. Its shares closed 4.6% lower at $5.52.
5. A new fund for business. Innovation minister Greg Hunt will reset the government’s innovation agenda so it extends beyond start-ups.
6. Diminished authority. Malcolm Turnbull’s CEDA speech shows he hasn’t listened to what voters said.
7. Another big CBD. Macquarie University is building a huge innovation hub with Australia’s biggest corporates.
8. Lessons from the GFC. CEO of global Australian startup Campaign Monitor shares what he learned building a business.
9. To Treasury. Former ANZ chief economist Warren Hogan, who left the bank in March, is joining federal Treasury as its Principal Adviser in its Sydney office.
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