The Australian market drifted lower with a weak lead from Wall Street as investors sold down energy stocks and picked up the big miners.
Here’s the scoreboard:
- S&P ASX 200: 5,674.00 -23.90 -0.42%
- All Ordinaries: 5,659.50 -22.37 -0.39%
- AUD/USD: 0.7347 -0.0033 -0.45%
On Wall Street, the S&P500 closed down 0.2%. On the local market, nine out of ten sectors were lower, led by energy which lost more than 1.5%.
Among energy stocks, LNG lost almost 10% to $2.62 and Santos almost 1% to $7.08.
The banks were all weaker, led by Westpac down 0.81% to $34.49. However, BHP was up 2.2% to $26.49 and Rio Tinto 1.85% to $52.98.
The top stories Tuesday:
2. China interest? Shares in Fortescue Metals soared after reports that state-owned Chinese companies want to buy into the iron ore miner’s infrastructure assets. Its shares closed up 6.2% to $1.885.
3. Watch out for the trading account hack. Authorities have detected a surge in scammers from Europe hacking into accounts in Australia and trying to clear them out.
4. Home loan delinquencies in mining areas of Queensland and Western Australia is dragging on the profits of mortgage insurance group Genworth. Its shares were flat at $3.50.
5. A new plan. The troubled streaming media and DVD library company Quickflix is combining its business with a Chinese film and TV group.
5. Brakes on. Indonesia’s economy continued to slow in the June quarter with an annual growth rate of 4.67% reported.