Australian stocks closed marginally higher.
- S&P ASX 200: 5,412.40 +6.51 +0.12%
- All Ordinaries: 5,412.40 +6.51 +0.12%
- AUD/USD: 0.7679 +0.0013 +0.17%
The local market faded after a small rally in the morning. However, the ASX 200 was still keeping its nose above the key 5400 mark on the index.
Banks were mixed with the ANZ up 0.6% to $27.63 and Westpac down 0.1% to $29.92.
BHP was down 0.5% to $21.39 and Santos 3% to $3.41 after a slide in oil prices overnight.
Woolwoths added 1.9% to close at $22.95 but Myer dropped 1.68% to $1.17.
The stop stories:
1. Australian equities. Large cap stocks are on the nose, at least among Australia’s analyst community.
2. Getting into property. Self-managed super is funding a shadow-banking system driving property ownership.
3. Most Australian homes sold for a profit last quarter. According to the latest Pain and Gain report released by CoreLogic earlier today, only 5.9% of capital city houses, and 9.5% of units, resold at a loss.
4. Better earnings forecasts. AGL is buying back 5% of its shares and increasing dividend payouts. AGL shares jumped 5.7% to close at $18.70.
5. Institutional Investor confidence surges. There is a clear move of money back into Asian markets according to the latest release of the State Street Global Exchange Investor Confidence Index (ICI).
6. The worst and the best super funds. Stockspot, a fintech automated investment adviser, has released its 2016 Fat Cat Funds Report, revealing Australia’s underperforming superannuation and managed funds
7. Sorry about that. The ASX, at its AGM in Sydney today, made a public apology to its shareholders for the major outage last week.
8. The future of work. A third of men aged 25-54 will be out of work by 2050.