The Australian market started the week higher.
Here’s the scoreboard:
- S&P ASX 200: 5,096.50 +25.42 +0.50%
- All Ordinaries: 5,120.50 +24.19 +0.47%
- AUD/USD: 00.7079 -0.0011 -0.16%
The lead from Wall Street was positive with the S&P 500 up 0.5% on Friday. On the local market, eight out of then sectors were higher, adding to last week’s 0.6% gain.
The banks and financial stocks were stronger, led by Westpac, up 1.7% to $31.02.
However, the Commonwealth lost 0.79% to $74.54 after it came out of a trading halt after closing a $5.1 billion capital raising.
The miners were marginally higher with BHP was up 0.21% to $23.76. Fortescue was 1.48% higher at $2.06. LNG closed down 17% to $1.66, continuing a trend from last week.
The top stories for Monday:
1. The Malcolm Turnbull challenge to prime minister Tony Abbott didn’t have an impact on the market. That will come tomorrow when the market opens and when a Liberal Party room vote is taken. The dollar, however, did fall.
2. Winning with the Australian dollar. Macquarie says its first half results will up about 40%, helped by a weaker Australian dollar. The bank closed up 2.5% at $77.75.
3. Brain drain. The founder and CEO of one of Australia’s most successful technology companies says the nation is rapidly losing skilled workers to the US because of the absence of policy support for high-tech, high-growth businesses.
4. Pain relief. Medical Developments International, the company behind Australia’s “green whistle” pain relief inhaler, has closed a $US54.5 million ($A76 million) licensing deal in Europe. It closed up 5.2% to $2.40.
5. Shares in infrastructure services company Cardno soared after private equity group Crescent launched a $215 million bid for a majority stake. Its shares closed 16% higher at $2.90.
6. Mark Scott is going. The ABC managing director has confirmed he will step down next year, 10 years into the job.
7. A lot of gas. Australia is about to unleash an export boom big enough to raise its GDP.
8. No thank you. Oil Search Limited has rejected Woodside Petroleum’s $11.65 billion takeover. Oil Search was up 0.4% to $7.48. Woodside was u0p just 0.04% to $28.42.
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