Australian stocks closed marginally higher.
Here’s the scoreboard:
- S&P ASX 200: 5,371.00 +10.58 +0.20%
- All Ordinaries: 5,441.00 +9.99 +0.18%
- AUD/USD: 0.7436 +0.0070 +0.95%
The big miners kept the ASX 200 above water today after the local market dropped following the RBA’s statement indicating there might not be another rate cut for a while.
BHP closed 2.9% higher at $19.78, Rio Tinto 1.8% to $46.04 and Santos 4% to $4.62.
Energy company LNG added another 13% to close at $0.820 after being questioned by the ASX over its jump in price. The gas producer said it didn’t know why its shares are up more than 40% in a week.
Mayne Pharma closed 22.2% higher at $1.595 after the company got US approval to sell a generic version of a heart drug.
The top stories Tuesday:
1. Raising $22 million. Tim Fung, co-founder of services marketplace Airtasker, is aiming to make his company an Australian household name after closing a Series B investment in the business led by Seven West Media.
2. The decline of resources. The world’s top 40 miners last year posted their first collective loss of $US$27 billion, according to PwC’s Mine 2016 report.
3. Clothing online prospects. Surfstitch went into a trading halt while the online clothing retailer prepares on update on its earnings.
4. Allan Moss invests in cloud software startup Maestrano. The nAustralian cloud software platform for small and medium business raised $4 million from sophisticated investors to fund growth.
5. The home brand battle. Woolworths has decided to drop its Select as well its Home brand labels, completing a swing away from competing in-store brands by the retailer and its main competitor Coles.
6. Pet shop buys. Shares in speciality pet retailer and veterinary provider Greencross fell hard after Credit Suisse grabbed a 13% stake in the pet care group. The shares closed 7.7% lower at $7.36.
7. No rate cut here. The Reserve Bank of Australia (RBA) left interest rates unchanged at 1.75% at the conclusion of its June monetary policy meeting, an outcome that was widely expected by financial markets.
8. The storm damage. Cracking sounds are coming from houses on Collaroy Beach.
9. Election 2016. The next leaders’ debate will be on Facebook Live.
10. The big surf. Incredible photos of huge waves off Sydney that put a pro surfer in hospital.
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