AUSTRALIAN STOCKS GO NOWHERE: What you need to know

Tree Frogs cling onto a garden umbrella as heavy rain causes flooding in parts of Sydney. Julian Andrews/Getty Images

Australian shares closed marginally higher.

Today’s scoreboard:

  • S&P ASX 200: 5,621.90 +6.32 +0.11%
  • All Ordinaries: 5,672.60 +7.20 +0.13%
  • AUD/USD: 0.7670 +0.0011 +0.14%

The ASX200 slipped below the key 5600 mark before recovering to coast to a weak close.

The banks lost ground with the ANZ down 0.7% to $28.80

Among the miners, Fortescue was up 2.4% to $6.61 and BHP 0.19% to $25.96.

Toll road operator Transurban was up 6.3% to $11.04 after posting a 41.9% rise in profit to $88 million for the half year.

SCA Property group, which posted a 125% rise in half year profit to $204.7 million, was up 2.7% to $2.24.

The top stories:

1. RBA leaves rates unchanged. The bank gave no indication that interest rates were likely to change in the foreseeable future, delivering a neutral bias at the conclusion of the statement.

2. Bellamy’s shares are rising for a change. Analysts have been marking the sector higher after the Reckitt Benckiser Group in the US confirmed it is in talks to buy baby-food maker Mead Johnson Nutrition. Bellamy’s shares were up 12% at one stage. They closed at $4.90, up 6.5%.

3. Small IPOs have been doing better than the bigger ones. Floats raising less than $50 million returned 32.2%, while those issuing more than $50 million managed only 14.7%.

4. S&P raised the prospect of a downgrade of Australia’s triple A rating again. The agency say a one-notch sovereign downgrade to AA+ would only affect the states and territories with AAA long-term foreign currency ratings.

5. A fintech startup is helping the ATO deal with its clunky mainframe. Fintech start-up Mainframe Cloud has won a deal with the Australian Tax Office (ATO) to help make its internal systems more user-friendly.

6. Macquarie bank is on track. The group expects to match last year’s record profit when it closes the current financial year in March.

7. Kathmandu’s profits are coming in flat. The adventure clothing retailer is heading for a flat profit result, dragged down by currency fluctuations, in the first half of the 2017 financial year.

8. Turnbull axes MPs’ Life Gold Pass for travel. One of the greatest perks of parliament has ended for most.

9. Cory Bernardi’s departure from the Liberals. Jeff Kennett tips a bucket on on Bernardi. Also read: “The body politic is failing the people of Australia.”

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