Australian stocks closed higher to end the week.
- S&P ASX 200: 5,268.20 +38.16 +0.73%
- All Ordinaries: 5,303.60 +37.97 +0.72%
- AUD/USD: 0.7282 -0.0046 -0.63%
The local market ignored a surge on Wall Street where the S&P 500 closed up 1.5% overnight. Nine out of ten sectors were higher but the market lost steam in the afternoon, closing in positive territory on the day but 0.2% lower for the whole week.
The major banks added weight and the big miners weaker. The Commonwealth led the pack, closing 1.5% higher at $76.55. BHP was down 0.48% to $25.00 and Rio Tinto 1% to $53.69.
The top stories Friday:
1. The boom in apartments could be a problem. The RBA, in its financial stability report, says that high rise construction, led by increased investor activity and foreign buyers, “could lead to an excessive increase in construction activity and future supply overhang”.
2. Interest rate chat. There’s a growing view that the RBA will cut rates soon rather than later, by 25 basis points to 1.75%. But Bill Evans says the Reserve Bank won’t rush to cut after Westpac’s rate hike.
3. Revenue from Australia’s 50 biggest companies. Aggregate revenue from the ASX 50 companies has dropped for the first time since 2009.
4. LNG exports start. The first shipment of liquefied natural gas (LNG) from the massive $US18.5 billion GLNG project has left Curtis Island in Queensland on the ship Seri Bakti bound for South Korea. Santos, the plant operator, saw its shares rise 3.75% to $5.54.
5. Toy money. Manny Stul, who is taking on the world’s big toy companies with Moose Enterprise in Melbourne, has been named the 2015 Australian EY Entrepreneur Of The Year.
6. The latest in transport. Here’s Christopher Pyne talking to Malcolm Turnbull about innovation sitting on Sydney’s crappy train network.