Australian shares closed marginally lower.
- S&P ASX 200: 5,225.60 -3.39 -0.06%
- All Ordinaries: 5,307.80 -3.20 -0.06%
- AUD/USD: 0.7668 +0.0008 +0.10%
The local market steadied after two days of falls sparked by election instability in the US.
BHP was 0.4% higher at $22.66 but Rio was down 0.4% to $53.64.
Travel stocks again were again marked down after warnings by airlines that domestic travel demand is weaker. Webjet was down 3.3% to $9.31 and Flight Centre 0.6% to $32.950 .
The top stories:
1. Amazon is coming. A fund manager who claims to have been briefed on Amazon’s expansion plans into Australia says the US giant wants to “destroy” local retailers.
2. Profit down, wealth business for sale. The ANZ Bank posted an 18% fall in full year cash profit to $5.9 billion, dragged down by the cost of reforms, a process which includes a possible sale of its Australian wealth management business. Its shares closed 0.6% higher at $27.35.
3. A fourth year of record profit. BT Investment Management posted an 18% rise in full year cash profit to $156 million on the back of better fee revenue and growth in funds under management. Its shares added 4.8% to close at $9.47.
4. The mining boom and small country towns. This what happened to property prices when hit by a once-in-a-generation commodity super-cycle.
5. Jamie Oliver buys his Australian restaurants back. British celebrity chef Jamie Oliver is poised to buy back his eponymous Italian restaurant franchise chain from the failed Keystone group.
6. Xero is getting closer to breaking even. The cash bleed is slowing. The subscription software business today posted a 48% rise in half year operating revenue to $137.2 million. Xero shares added almost 2% to close at $16.40.
7. Australian shoppers spent nearly $21 billion online in the past year. Here’s where and what they’re buying.
8. Stan hasn’t reached profit yet but could be worth as much as $600 million. The initial investment by Fairfax Media and the Nine Network is looking sound.
9. Get to Gold faster. Qantas has made some changes to its frequent flyer program, with a short cut to elite status.
10. What does being first born mean? Science looks at the advantages.
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