Australian shares closed marginally higher.
- S&P ASX 200: 5,475.40 +8.01 +0.15%
- All Ordinaries: 5,555.50 +7.03 +0.13%
- AUD/USD: 0.7596 +0.0010 +0.13%
The local market kept its nose just above water despite a weaker Wall Street at the end of last week where the S&P 500 closed down 0.3%.
Energy stocks dragged down the rest of the market with Santos shedding 2.5% to $3.80.
The banks were marginally higher with Westpac up 0.65% to $30.77 and the ANZ up 0.07% to $28.28.
The top stories:
1. Hillary Vs Donald. The moment the presidential debate went off the rails.
2. Scott Morrison says RBA rate-cutting has exhausted its effectiveness. The treasurer joined a growing chorus of senior politicians around the world who are openly questioning low rate policies.
3. Cornering the market. Australian Mines Ltd, a very junior gold and base metals explorer, is about to become the largest producer of scandium, a rare metal key to making better alloys for cars and planes. Its shares gained 54% to close at $0.017.
4. Gina Rinehart wants to buy cattle station giant S Kidman & Co. She is is teaming up with a Chinese billionaire in a $365 million deal.
5. Early warning on infectious diseases. Adelaide-based LBT Innovations won approval from the US Food and Drug Administration for the company’s artificial intelligence imaging and software for use as a medical device. LBT shares closed at 37 cents, almost double Friday’s close.
6. Could do better. The social media scorecard on our big bank CEOs.
7. A raider revealed. Construction company CIMIC grabbed a 13.8% on-market stake in engineering group UGL and then launched a full $524 million takeover bid. UGL shares closed 48% higher at $3.18.
8. A social infrastructure play. AMP Capital has bought a prison in Western Australia, public-private partnership with the state government.
9. Creepy Clowns have arrived. The US craze, where people dress up as creepy clowns, has made its way to Australia.