Australian shares closed lower.
- S&P ASX 200: 5,611.00 -43.75 -0.77%
- All Ordinaries: 5,668.00 -41.70 -0.73%
- AUD/USD: 0.7564 +0.0004 +0.05%
The local market, which has dropped two weeks in a row, started a third week losing ground again.
Investors defied a rise on Wall Street where the S&P500 closed 0.3% higher on Friday.
The major banks all fell, led by ANZ, down 0.4% to close at $29.27. The big miners were marginally higher with BHP up 0.08% to $26.37.
Suncorp dropped 2.2% to close at $12.92 after announcing that natural hazards claims will be $350 million, or $40 million above its projection, for the December half.
Among retailers, JB Hi-Fi was down 2.2% to $28.17 and Myer 1.2% to $1.24.
God miners rose with Oceanagold up 3.9% to $4.20 and Evolution 3.2% to $2.24.
The top stories:
1. Local bank shares may not mirror the global rally. Some factors that led to the rally may not lift the shares of Commonwealth Bank and its key competitors, according to Morgan Stanley.
2. Assets to be blocked from foreign ownership. Prime minister Malcolm Turnbull wants a “red-flagged” list.
3. Brambles announces a profit downgrade. The North America pallets business isn’t performing as expected. Its shares lost 15.8% to close at $10.34.
4. The second half isn’t looking good for McGrath. The real estate agency’s earnings have been hit as fewer homes come on the market, combined with the sudden resignations of a large number of its agents. Its shares lost 5% to close at $0.81.
5. Gladys Berejiklian is the new premier of NSW. She has been sworn in as the 45th premier after being voted in as Liberal Party leader.
6. Village Roadshow’s theme parks hit by the Dreamworld tragedy. Attendance is down at its Wet ‘n’ Wild parks in Sydney and on the Gold Coast. Its shares dropped 9.4% to close at $4.03.
7. A class action is coming for infant formula maker Bellamy’s. Today lawyers Slater and Gordon announced it had joined litigation funder IMF Bentham to investigate a claim against the organic infant food maker. Bellamy’s shares dropped almost 4% to close at $3.85.
8. The AFL’s ad for its new women’s league. “Women kicking balls? I’d like to see that.”