The Australian market closed marginally lower.
Here’s the scoreboard:
- S&P ASX 200: 4,931.50 -6.10 -0.12%
- All Ordinaries: 5,013.20 -4.80 -0.10%
- AUD/USD: 0.7544 -0.0012 -0.16%
The big four banks all lost ground with the NAB down 0.8% to $24.93.
However, the miners made up for the fall with BHP adding 2.2% to $16.55, Fortescue Metals 7.1% to $2.85 and Santos 3% to $3.95.
Vitamin maker Blackmores fell 13.2% to $176.96 on reports of more Chinese government intervention in online sales of foreign goods. However, its shares still Australia’s most expensive despite shedding $26 today.
The top stories Monday:
1. Cash back. Backroom deals by Target with its suppliers made the retailer’s earnings look $21 million better than they should have been, according to an internal investigation by owner Wesfarmers and its external auditors Ernst & Young. Its shares closed at $40.02, down 0.77%.
2. A $1.2 billion market cap. WiseTech Global, an Australian software solutions provider for logistics companies, has successfully floated on the ASX, opening at $3.41, 2% higher than its IPO price of $3.35.
3. Get in on the ground floor. Local IPOs outperformed in the March quarter while the rest of the market took a hammering and continues to be subdued.
4. Download that song. Australians are paying for, rather than pirating, their music across formats including digital streaming, CDs and increasingly via retro vinyl.
5. Trouble in the aisles. Aldi has pressure on Australian supermarkets in places it hasn’t even opened yet.
6. A buy. Shares in Matt Barrie’s Freelancer.com spiked in late trade today after global investment bank UBS recommended the stock to clients.
7. How secure? The federal government’s first major update to Australia’s national cyber security policy since 2009 has been leaked ahead of its anticipated release, which was expected over the coming weeks.
8. Another bounce. Australia’s housing investors bounced back in February with loans for investment housing bouncing 4.1% in seasonally adjusted value terms after January’s 1.6% fall.
9. Arrium blues. Why Australia’s steel industry deserves to survive.