Australian stocks closed the session lower and the week flat.
- ASX 200: 5,751.70 -37.93 -0.66%
- All Ordinaries: 5,792.10 -36.68 -0.63%
- AUD/USD: 0.7430 -0.0025 -0.34%
The local market shed the week’s gains in one session, ignoring gains on Wall Street overnight where the S&P500 closed 0.4% higher. The ASX200 gained just 24 points or 0.4% over the five days.
Almost all sectors were in the red today with the miners the biggest drag, reacting to a fall in the price of oil.
BHP was down 2% to $24.01, Woodside Petroleum 2.6% to $32.86 and Rio Tinto 1.8% to $63.64.
Among the banks, ANZ was down 1.4% to $28.22 and the Commonwealth 1.3% to $80.14.
The top stories:
1. The brakes are on Australia’s economy. The ANZ doesn’t think there’ll be much to celebrate when Australia’s GDP is released in two week’s time.
2. Careers Australia goes into voluntary administration. One of the biggest vocational education providers has stood down 1100 staff and cancelled classes for 15,000 students.
3. Citi downgrades Australian company earnings in 2017. Next year will be better.
4. SurfStitch heads for the bunker. The online clothing retailer today extended its voluntary trading halt until August as the online clothing retailer ponders a possible complicated negotiated settlement to a class action against it.
5. Tarocash has just been bought. The Retail Apparel Group has just been sold to Africa’s leading fashion lifestyle retailer The Foschini Group.
6. Cochlear is switching to artificial intelligence for its implants. The bionic ear company announced an exclusive licensing and development agreement with Otoconsult for its artificial intelligence fitting assistant FOX (Fitting to Outcomes eXpert).
7. Pauline Hanson’s One Nation is being investigated by electoral authorities. It’s about a a small plane used by the senator during election campaigns.
8. The 10 richest people in Australia for 2017. The 2017 Financial Review Rich List has been released.
9. PODCAST: Cautious households, and the mounting risks for Australia’s economic growth.