Australian stocks closed lower.
Here’s the scoreboard:
- S&P ASX 200: 5,266.90 -68.32 -1.28%
- All Ordinaries: 5,310.20 -64.20 -1.19%
- AUD/USD: 0.7105 -0.0013 -0.18%
The ASX 200 fell below 5300 for the first time this week as local investors ignored Wall Street, where the S&P 500 rose 0.8%.
Nine out of the ten local sectors were in the red.
Consumer staples dropped more than 5% after Woolworths posted weak quarterly sales and issued a profit warning.
Even Wesfarmers, which has the healthy Coles business, was hit in the crossfire, dropping more than 4% in value to $40.18.
The major banks were down along with the big miners. The NAB continued to be punished for its full year results posted Wednesday, dropping almost 4% to $30.46.
BHP was weaker by 2.2% to $2.20 and Rio Tinto 1.79% to $51.14.
Shares in the Ten Network dropped 13% to $0.165 after coming out of a trading halt following a capital raising.
The top stories Thursday:
1. The first $200 stock. Blackmores hit the magic number briefly, after posting stellar quarterly sales numbers, before dipping again. At close the shares were up almost 13% to $175.51, still the most expensive local stock.
2. Sales dip. A profit warning for the first half at Woolworths and a 1% fall in like for like quarterly sales at the supermarket. Its shares lost almost 10% to $24.70.
3. Record profit but weak results. The ANZ Bank posted what it called a “modest” full year cash profit of $7.2 billion, a rise of just 1%. Its shares closed 2% lower at $28.17.
4. Residential building. Australia’s economy may be about to lose a major growth engine. HIA reported a 4% decline in new home sales in September. Also see: the charts showing 1 in every 5 new apartments is sold to foreigners.
5. A warning. Freelancer CEO Matt Barrie on startups taking venture capital money.
6. Forget a pay rise. Australians could see their real wages fall in 2016 for the first time since the GFC.
7. A teenager at Sydstart just killed his competition with this simple pitch. The best audience engagement.
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