The Australian market coasted to a flat close, ending just over the line, as investors ignored positive signals from Wall Street.
Here’s the scoreboard:
- S&P ASX 200: 5,824.20 +2.85 (+0.05%)
- All Ordinaries: 5794.3 +1.3 (+0.02%)
- AUD/USD: 0.7652 -0.0054 (-0.71%)
Overnight Wall street closed firmer with the S&P 500 up 0.4%.
The local market was flat with five sectors higher and five lower. The major banks were all firmer, led by Westpac up 0.83% to $37.67.
Resources companies took a hit, dragging the market down. Rio Tinto was 1.1% weaker at $58.55 and Fortescue down 5.6% to $2.02.
The top stories on Tuesday:
1. The Aussie dollar got crushed and is heading down again.
2. Shares in Australian biotech Sirtex, with a liver cancer drug under testing, closed up 4.4% to $36.08 after UBS put a $50.40 price target on.
3. Do big performance bonuses create profits? Capping and regulating CEO payments, which run to as much as $10 million or more a year in Australia, could help make companies more profitable in the long term, according to research by two academics.
4. Fonterra, the world’s largest dairy exporter, went into a trading halt after a threat to contaminate infant formula in New Zealand.
Letters sent to authorities appeared to be a protest at the use of the poison 1080 in pest control. Prime Minister John Key called it a form of ecoterrorism.
Fonterra CEO Theo Spierings said the criminal threat was against New Zealand and the entire dairy industry.