Australian stocks closed the session, and the week, ahead.
Here’s the scoreboard:
- S&P ASX 200: 5,405.90 +17.81 +0.33%
- All Ordinaries: 5,469.70 +17.78 +0.33%
- AUD/USD: 0.7226 0.0000 0.00%
The local market hit its seventh week of gains, with the ASX 200 closing above 5,400 for the first time since August 2015.
The index is up almost 3% this month.
Wall Street was quiet overnight, ahead of a long weekend, closing flat.
Today on the ASX the banks were mostly higher but the big miners lost ground.
The ANZ bank was up 1.2% to $25.85 but the NAB was down 0.22% to $27.30.
Rio Tinto lost 1.4% to $44.83 and BHP just 0.2% to $19.37.
Aristocrat closed up almost 2% to $12.69 after Thursday announcing a doubling of half year profit to $159.1 million.
The top stories Friday:
1. Returns from the banks. Profit growth for Australia’s major banks will be soft this year, according to rating agency Fitch in its latest banking review.
2. Who losses the most. Women aged 50 and older are being penalised the most from the federal government’s superannuation changes announced in the budget, according to analysis by the National Centre for Social and Economic Modelling (NATSEM).
3. Streaming media play. TV2U, an aggregator of video, karaoke and gaming content, announced a successful $1.94 million equity raising with institutional, professional and sophisticated investors. Its shares closed 18% higher at $0.039.
4. Surrounding the Perth market. The West Australian newspaper is working on a deal to buy Perth’s Sunday Times.
5. The election. It looks like Bill Shorten might have a plan for the economy, but he dares not speak its name.
6. International investors still think Australia looks good. ANZ CEO Shayne Elliott is just back from a marketing trip in the UK.
7. All you need is love. How a lack of it can affect your health.
8. Regulating milk prices won’t save the industry. Australian milk drinkers appear to be going through a bout of buyer’s remorse.
9. THE PODCAST. Devils and Details on bank shorts, bonds, retail, and Ryan’s Bar.