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

The Australian market closed steady today after two days of losses.

Here’s the scoreboard:

  • S&P ASX 200: 5,387.90 +5.82 +0.11%
  • All Ordinaries: 5,389.00 +5.46 +0.10%
  • AUD/USD: 5,389.00 +5.46 +0.10%

On Wall St, the S&P 500 was up just 0.1%. And the local market followed, closing flat, with five sectors higher and five lower.

Resources stocks gained ground, with BHP adding 1.23% to $25.51, Woodside Petroleum 1.82% to $34.05 and Fortescue 1.68% to $1.82.

The banks were firmer with the ANZ up 088% to 29.76.

The top stories for Thursday:

1. The Yuan fades a little more. For a third consecutive session the yuan is weakening against the US dollar. And this is China’s central bank’s explanation for what’s happening with its currency.

2. The Aussie dollar rallied almost two cents after traders changed their Fed tightening bets.

3. Confidence at Australia’s big ASX-listed companies is roaring back to life, according to the NAB’s quarterly ASX300 business survey.

4. Home loans worries. The RBA thinks Australians aren’t spending because they’re so worried about mortgages.

5. Telstra posted a weaker full year statutory profit of $4.231 billion, down 1%, but expects to deliver mid-single digit income growth in 2016. Telstra closed down 2.2% to $6.10.

6. Luxury looking better. Oroton says its earnings for the 2015 financial year will be better than forecast following the sale of its share in the Brooks Brothers Australia joint venture. Its shares closed up 9.74% to $2.14.

7. Biotech company Sirtex posted a 69% rise in full year profit to $40.3 million as its liver cancer treatment starts to deliver revenue. It closed up 9.69% to $32.94.

8. James Packer is standing down as chair of his casino group, Crown Resorts, and will be replaced by Robert Rankin. Crown lost more than 3% to $13.09.

9. Property developer Mirvac sees the Sydney housing boom nearing the top of the market. Mirvac posted a 36% rise in full-year profit to $609.9 million on the back of a strong property activity. Mirvac closed 0.7% down at $1.83.

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