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

Australia’s Rhiannan Iffland dives 20 metres from rock cliffs at Islet Franca do Campo during the first training session prior to the third stop of the Red Bull Cliff Diving World Series, Sao Miguel, Azores, Portugal. (Photo Dean Treml/Red Bull via Getty Images

Australian stocks closed the day marginally higher and the week slightly down.

The scoreboard:

  • S&P ASX 200: 5,230.50 +2.58 +0.05%
  • All Ordinaries: 5,315.60 +4.61 +0.09%
  • AUD/USD: 0.7491 +0.0007 +0.09%

The local market cruised to a quiet close on the back of slightly weaker global markets. Six out of ten sectors were higher.

The ASX 200 index was down just 0.3% for the week and is flat on the start of the financial year.

Investors were waiting for the release of payroll data in the US tonight to give an indication on the future of interest rates.

On the ASX, the major banks were mixed with Westpac down 0.25% to $28.27 and the ANZ was up 0.26% to $23.12.

Among the miners, Rio Tinto was up 1.9% to $48.30 and South32 5% to $1.73. The gold miners were weaker with Oceangold down 4.7% to $5.43.

Tabcorp lost another 2% to close at $4.30 after yesterday’s 4.3% drop following the announcement by NSW that it was banning greyhound racing.

The top stories Friday:

1. Election 2016. Malcolm Turnbull will return to government, irrespective of how many seats the Coalition finishes with — and it looks like gaining an outright majority of 77 — thanks to the backing of three key independents.

2. That credit rating. Here’s what economists are saying about S&P placing Australia’s credit rating on watch negative.

3. The political will to reduce debt. This key factor will be the trigger for a downgrade of Australia’s credit rating.

4. Where to now? The next 3 industries and markets the wealthy believe will make them richer.

5. Building an online business. This is how John Winning created Appliances Online.

6. The UK investing in Australian startups. Jaywing has bet big on Digital Massive.

7. Iron ore blues. Australia’s industry department has slashed its iron ore forecast to $US45.

8. How the world sees us. Vanity Fair’s profile on Margot Robbie is so wrong about Australia it will make you laugh.

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