Australian stocks fell for the third session in a row.
Here’s the scoreboard:
- S&P ASX 200: 4,924.40 -70.92 -1.42%
- All Ordinaries: 5,000.40 -69.66 -1.37%
- AUD/USD: 0.7602 -0.0004 -0.05%
The market hit a one month low with the major banks and the big miners leading the slide. The ASX 200 has lost 3.1% so far in April and 7% since the start of 2016.
All sectors were in the red today with energy stocks losing more than 3% and financials 1.4%.
The major banks, which have been punished lately over fears of increasing bad loans, were all sold down. The Commonwealth lost 2.2% to $71.25 and Westpac 1.95% to $29.13.
BHP dropped 3.2% to $15.98 and Woodside Petroleum more than 4% to $23.94.
The top stories Tuesday:
1. Rates and the RBA. The Australian dollar could “complicate” the economy’s adjustment, according to the central bank.
2. Bigger than anyone thought. Australia’s trade deficit ballooned in February according to latest figures released by the Australian Bureau of Statistics (ABS).
3. Brand value. Qantas has staged the biggest comeback, according to a ranking of Australia’s top brands.
4. A big funding round. Vinomofo, an Australian boutique wine e-retailer, has raised $25 million from Blue Sky Venture Capital.
5. The markets and climate change. Scientists have for the first time estimated the potential costs of climate change for global financial assets.
6. TV profits and the weather. Nine’s Summer of Cricket was affected by bad weather with about 30% of scheduled play days lost. Its shares lost 23% to close at $1.16.
7. Slack CEO Stewart Butterfield. Fear of failure helped make him successful.
8. A new car? It appears Australian new car buyers can’t get enough of premium German brands, with Porsche, Mercedes-Benz, BMW and Audi all having another great month.
9. Charged for damage you didn’t do. The ACCC’s Hertz case shows why you should photograph your hire car before driving off.
10. The Yowies go to Hollywood. The ASX-listed Yowie Group appointed Academy Award-winning Australian film producer Bruce Davey as an independent creative consultant and advisor. Yowie shares were down 8.8% to $0.57.