Australian stocks closed marginally lower.
Here’s the scoreboard:
- S&P ASX 200: 5,137.10 -20.39 -0.40%
- All Ordinaries: 5,204.90 -19.19 -0.37%
- AUD/USD: 0.7658 -0.0067 -0.87%
The local market started a new week with a slide after adding 4.4% last week.
Energy stocks lost ground after oil producers failed to ratify production cuts, pushing prices down. The major banks followed.
BHP lost 3% to close at $18.70, Rio Tinto 1.5% to $47.450 and Woodside Petroleum 1.3% to $25.78.
Westpac was down almost 1.5% to $30.44.
The top stories Monday:
1. Qantas cuts its capacity. Domestic travel has slowed in Australia as the nation heads towards a federal election. Qantas shares dropped more than 10% to close at $3.62.
2. The property party. Listed residential real estate agency McGrath has cut both its earnings forecasts and expected dividend payout as the once booming property market in Sydney starts to cool. Its shares dropped 30% to close at $0.90.
3. A pile of Telstra cash. At least part of the $US1.6 billion ($A2.1 billion) Telstra is going to receive for its 47.7% stake in China car site Autohome is expected to go back to shareholders. Telstra shares closed 1.7% higher at 5.330.
4. The last hurdle. Miner Atlas Iron, an early victim of falling iron ore prices, says there’s a high risk of going into voluntary administration if a debt restructure isn’t approved by shareholders. Its shares lost 17% to close at $0.019.
5. Augmented reality. News Corp Australia has made its second startup investment in 6 months, leading a $1.1 million seed funding round for startup Plattar.
6. First quarter Freelancer. Crowdsourcing marketplace Freelancer says its growth is accelerating with 2016 looking like an exceptional year.
7. Marriage equality. Telstra has had a change of heart after the dramas of last week.
8. Sorry about the dogs. Johnny Depp and Amber Heard make a video apologising for smuggling Pistol and Boo into Australia.