The Australian market closed higher.
Here’s today’s scoreboard:
- S&P ASX 200: 5,081.10 +59.87 +1.19%
- All Ordinaries: 5,142.20 +58.75 +1.16%
- AUD/USD: 0.7319 +0.0024 +0.33%
Stocks closed in positive territory for the third day in a row, adding to yesterday’s 2.01% rise and Tuesday’s 0.85%. The market has gained 4% in the first few days of March but is still down 4% since the start of 2016.
Again, the big four banks led the market with the NAB up 3.2% to 26.37 and the ANZ 2.9% to $24.80. Among the miners, BHP was 3.1% higher at $17.25 and Rio Tinto 2% to $44.20.
Bega Cheese, which has a joint venture with Blackmores selling high demand infant formula locally and to China, was up more than 10% to $6.22. Its half year results announced last week showed how Bega has avoided the fall dairy prices, posting a 139.5% rise in profit to $14.499 million on a 1.6% rise in revenue to $561.37 million.
Shares in Slater and Gordon, now talking to its bankers after a posting a big half year loss and seeing falling revenue from its UK business, surged higher. They were up more than 26% to $0.33 but still worth half what they were a week ago and a long way from a $8 high last year.
The top stories Thursday:
1. Compensation and rebuilding costs after the fatal Brazil mine disaster. BHP has done a deal with authorities in Brazil.
2. Gaming in Macau. Shrinking revenue from gaming in Macau, which has hit James Packer’s Crown Resorts, is unlikely to make a recovery this year. Crown Resort shares were flat at $11.97.
3. The big diamonds keep coming. A Perth miner just made another $9.6 million from a haul of big diamonds in Angola. Its shares were up 3.6% to $0.42.
4. Consolidation in pure play online retailing. Shoply is merging with the IT accessories and business tech group Anyware Corporation and Harris Technology.
5. Selling a lot of wine. Michael Clarke, the CEO of Treasury Wine Estates, has just been given a $500,000 pay rise, bringing his base pay to $2.2 million.
6. The startup story. The untold story of Spreets, the Aussie company Yahoo bought for $40 million
7 AMP buys a fintech startup. After investing $1.5 million into Sydney-based MoneyBrilliant in 2014, AMP announced it has acquired the business for an undisclosed sum.
8. The rise of the machines. Here’s where robots will take over jobs in Australia.
Business Insider Emails & Alerts
Site highlights each day to your inbox.