AUSTRALIAN STOCKS GO NOWHERE: Here's what you need to know

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The Australian market closed flat with energy and mining stocks weaker among a mixed bag of profit results.

Here’s the scoreboard:

  • S&P ASX 200: 5,904.20 -11.48 (-0.19%)
  • All Ordinaries: 5,869.80 -8.11 (-0.14%)
  • AUD/USD: 0.7792 -0.0019 (-0.24%)

Wall Street was slightly weaker overnight with the S&P 500 index closing down 0.2%.

Among the miners, BHP was down by 1.46% to $32.50. The major banks were mostly flat with the Commonwealth the only one firmer at $91.14, up 0.47%

The top stories on Thursday:

1. Investors punished iiNet. Profits were flat at $29.065 million for the first half on an 11% rise in revenue to $547 million. This was below forecasts of about $36.6 million in profit. Its shares closed down more than 11% to $6.41.

2. Macau gamble. Shares in James Packer’s Crown Resorts surged higher after the casino company reported a 9.2% rise in revenue to $1.7 billion for the half year. Its shares closed almost 10% up to $15.88.

3. Losses narrow. Virgin Australia posted a loss of $47.8 million million for the first half, reducing red ink on the back of cost cutting, cheaper fuel and a better domestic market. Its shares closed up 1% to $0.48.

4. A share buyback. Fairfax Media posted flat profit $86 million, down 0.6%, and a 2.4% decline in group revenue to $941.7 million for the first half. Its shares closed up 2.2% to $0.91.

5. Other profit results include Super Retail whose shares closed 8.7% up to $9.56 and AMP which was up 2.6% to $6.67.

6. Xero’s speeding ticket. It’s emerged the cloud accounting company was asked to explain the surge in its share price this week by NZ regulators. It was up more than 10% on the ASX today. Alex Heber has the story here.

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