AUSTRALIAN STOCKS GO NOWHERE: Here's What You Need To Know

A giant Christmas Tree in Sydney. Brendon Thorne/Getty Images

The Australian market ignored record highs on Wall Street, spurred by higher than expected GDP numbers, to end the short Christmas Eve session flat.

Here’s the scoreboard:

S&P ASX 200: 5,394.50 +13.58 (+0.25%)
All Ordinaries: 5,369.50 +13.09 (+0.24%)
AUD/USD: 0.8114 +0.0011 (+0.14%)

The S&P 500 index was up by 0.2% as economic growth in the US hit 5%, the fastest pace since 2003.

On the local market, the fortunes of the miners were mixed with BHP firmer by 0.56% to $28.97, Rio Tinto up 1.4% to $56.59 and gold miner Northern Star Resources down more than 5% to $1.39.

Energy stocks were mostly up with Sundance Energy stronger by 11% to $0.495, Wooside Petroleum up 0.4% to $8.15 and Kardoon Gas up almost 10% to $2.47.

The banks were mostly firmer except for the Commonwealth, which was slightly weaker at $84.92, down 0.05%.

And the top stories on Wednesday – the end of this week! Merry Christmas all.

1. More cash in our pockets. The fall in crude oil prices has driven down the cost of Australian household fuel bills so much it’s like a 0.25 percentage point interest rate cut.

2. America posted its best GDP number for 11 years. Growth was revised up to 5% from last month’s estimate of 3.9%.

3. Top chart. Look at how far down the price of iron ore has travelled over the last 12 months.

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