Australian stocks closed marginally higher.
- S&P ASX 200: 5,119.00 +7.58 +0.15%
- All Ordinaries: 5,175.70 +7.07 +0.14%
- AUD/USD: 0.7458 -0.0001 -0.01%
The market was quiet ahead of the US Fed meeting tonight Australia time.
Seven out of ten sectors lot ground. The market was dampened by a fall in commodity prices overnight flowing through to mining and energy stocks. Fortescue Metals lost 4.3% to $2.43, Santos 1.5% to $3.80 and BHP 1.4% to $16.88.
The losses were offset by gains from the major banks. The NAB gained 1% to closed ta $28.08.
The top stories Wednesday:
1. The next big fintech thing. Invoice trading, where companies put up their unpaid invoices to get cash for their businesses, is booming in Australia.
2. A new head of Telstra retail from Optus. Telstra has made two key appointments to its senior leadership team to run its retail business and for a new role to build innovation.
3. A win for small business. The Turnbull government has overturned his predecessor Tony Abbott’s position on competition policy and will back small business in changes to misuse of market power laws under Section 46 of the Competition and Consumer Act.
4. What business is that? Melbourne IT is selling its international domain name registration business to Nasdaq-listed Tucows Inc in a deal worth between $A8.1 million and $A8.5 million.
5. A good time to be an entrepreneur. The new tax incentives.
6. Cash balances run down, just a little. This is what some of the biggest fund managers on the planet have been doing with your money.
7. Still solid. Fitch affirmed Australia’s AAA rating and made a surprisingly bullish comment about the Australian dollar.
8. More on sale at Dick Smith. Thousands of televisions are set to be thrown onto the Dick Smith liquidation fire sale in the wake of a bizarre legal case.
9. Let them go hungry. Curtis Stone’s advice on kids who are fussy eaters.