Australian stocks marginally higher.
- S&P ASX 200: 5,562.80 +2.18 +0.04%
- All Ordinaries: 5,619.10 +3.32 +0.06%
- AUD/USD: 0.7452 +0.0003 +0.04%
The local market held on to last week’s 2% gain after an early rally faded and the local market drifted to the close.
BHP rose 1.3% to $26.32 and Woodsdie Petroleum 2.9% to $31.48.
The banks, however, were mixed. The Commonwealth was up 0.3% to $80.92 but eh ANZ was down 0.3% to $29.82.
Flight Centre shares fell 7.5% to $30.50. A report from Morgan Stanley says Flight Centre’s guidance for the second half of 2017 looks too bullish.
Qantas followed, losing 3.2% to close at $3.32.
The top stories:
1. Bellamy’s goes into a trading halt. The maker of the organic infant formula, which last week warned of a speed bump in sales to China, is about to release a key market update.
2. UBS thinks Domino’s Pizza looks good value at 47 times earnings. The company deserves to trade at a share price premium to peers because of its superior growth outlook. Its shares closed 1.95% higher today at $66.41.
3. Auction clearance rates have been above 70% for 20 consecutive weeks. Last week was the busiest period for auctions in close to nine months across the nation’s capitals.
4. Hunting fake news trying to boost stocks. Australian Securities and Investments Commission chairman Greg Medcraft says artificial intelligence software will root out fake news on social media.
5. Cover-More has been bought by Zurich. The global insurer is paying $741 million for a platform to expand into the travel insurance business. Cover-More closed 42% higher at $1.87.
6. Russel Howcroft quits Ten for PwC. Howcroft, one of the key contributors to ABC TV’s Gruen Transfer program, is becoming chief creative officer at the big professional services firm.
7. Donald Trump hires Australian heavyweight Andrew Liveris. The businessman recruited to fulfil Trump’s pledge to bring back American manufacturing jobs says the next president’s business-friendly policies will lift the world economy.
8. Crashes and splashes on Sydney Harbour. The sailing equivalent of Formula One racing took place on Sydney Harbour on the weekend when the Extreme Sailing Series returned to the city.
9. The biggest science stories in 2016. Humans have managed to conceive a baby that has three parents, give coffee the all-clear and note we all got a bit fatter. Thanks, science.
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