The Australian market followed Wall Street down for most of the day, with investors wary of the impact of tonight’s US Fed decision on interest rates, before closing flat.
Here’s the scoreboard:
- S&P ASX 200: 5,842.30 +0.18 (+0.00%)
- All Ordinaries: 5,808.00 -2.95 (-0.05%)
- AUD/USD: 0.7614 -0.0003 (-0.03%)
Wall St weakened overnight with the S&P 500 down 0.3% as the market waited for a decision whether the US central bank will increase interest rates or not.
On the local market, five sectors were higher and five lower. The major banks were flat but the big miners improved, led by BHP which was up 1.44% to $30.20.
The S&P ASX 200 closed just 0.2 points higher.
The top stories on Wednesday:
1. Iron ore woes. Shares in Twiggy Forrest’s Fortescue Metals dropped sharply after the pure play iron ore miner announced it was withdrawing plans to refinance debt. Why this could be a sign of more to come. Fortescue shares closed down 5.3% to $1.865.
2. Ian Smith is stepping down as CEO of Orica, the world’s leading supplier of explosives and services to the mining industry, after three years in the job. Orica shares closed down 5.2% to $18.20.
3. Boral announced a $236 million on market share buyback program for 5% of the building products group. Boral shares closed up 1.66% to $6.12.
4. Soaring biotech shares. Novogen announced that another of its drugs, Anisina (ATM-3507), has hit a major milestone in testing, confirming its use as an anti-cancer agent. It shares closed up 20% to $0.205.