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

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Australian shares ended the session marginally higher.

Today’s scoreboard:

  • ASX 200: 5,720.20 +4.33 +0.08%
  • All Ordinaries: 5,758.40 +3.85 +0.07%
  • AUD/USD 0.7580 +0.0012 +0.16%

The local market opened higher but then lost momentum.

The miners added weight but the banks were mixed.

Rio Tinto was up 1.2% to $59.57 and BHP just 0.1% to $22.45.

The Commonwealth Bank was 0.3% higher at $81.55 but the NAB was down 0.5% to $29.16.

Steelmaker BlueScope was up 3.2% to $12.88 after broker upgrades.

QBE lost 2.1% to $11.62, adding to the 10% fall last week following bigger than expected claims in emerging markets.

Top stories:

1. Crown Resorts staff get jail time. China gives out sentences and fines over gambling offences.

2. Major city house prices are starting to rebound. Prices in Sydney have now risen 5.4% this year, slightly outpacing Melbourne, which have risen by 4.8%.

3. Petrol prices just had their biggest fall of the year. The national average pump price of unleaded petrol fell by 4.5 cents to 123.5 cents a litre.

4. Australia’s biggest KFC chain. Collins Foods is paying $110.2 million to acquire another 28 KFC restaurants in Tasmania, South Australia and Western Australia.

5. Metcash profits fall. The company posted a 20.6% fall in full year statutory net profit to $171.9 million. However, underlying profit was up 9.3% to $194.8 million. Metcash shares closed 5% higher at $2.30.

6. Property profits. More than 90% of Australian homes sold for a profit in the first quarter of the year.

7. Handy exit fees. A joint ABC Four Corners and Fairfax Media investigation into retirement villages. Aveo shares

8. The dollar value of the Great Barrier Reef. Deloitte calculates its worth $56 billion.

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