Australian stocks closed marginally lower.
Here’s the scoreboard:
- S&P ASX 200: 5,361.90 -8.08 -0.15%
- All Ordinaries: 5,437.40 -3.72 -0.07%
- AUD/USD: 0.7463 -0.0026 -0.35%
The local market coasted to its third flat session this week.
The miners propped up the major banks.
Forescue was up 3.4% to $3.27, BHP added 0.36% to $19.61 and Santos 1.4% to $4.81.
The ANZ was down 0.9% to $24.50 and the ANB 0.2% to $26.41.
LNG, which today denied reports of a takeover, has seen its shares double in a week. Today they closed 4.8% higher at $1.075.
Brickworks was up 1.5% to $14.95 after saying the outlook for the business is positive.
The top stories Thursday:
1. The Kogan.com float. Shares at $1.80 each will raise $50 million, most of which will be used to expand the business through new products and marketing. Also read: The experts said nobody would buy a TV online. And: This is Ruslan Kogan’s pay day.
2. Surfstitch now expects a loss. The online clothing retailer now expects a full year EBITDA (earnings before interest, tax, depreciation and amortisation) loss of $17.3 million to $18.3 million
3. The UK phone group buys into Kiwi cable. Vodafone is taking control of Sky in New Zealand in a deal which would create a company valued at $NZ3.4 billion ($A3.2 million). Sky shares closed 20% higher on the ASX at $5.01.
4. A bump in to IPO road. The corporate regulator ASIC is taking a closer look at the float of music streaming startup Guvera.
5. The cost of weather. The east coast storms at the weekend are expected to cost insurance giant IAG between $60 million and $80 million.
6. Election 2016. Malcolm Turnbull channelled his inner Frank Underwood in this interview.
7. The mortgage war is back. Commonwealth Bank of Australia, the nation’s largest lender, is planning to cut investment property interest rates.
8. The task of growing kids. The father of Atlassian’s Mike Cannon-Brookes has the best advice on how to make your children successful.