Australian stocks closed higher.
Here’s the scoreboard:
- S&P ASX 200: 5,395.90 +36.95 +0.69%
- All Ordinaries: 5,458.50 +38.15 +0.70%
- AUD/USD: 0.7359 +0.0070 +0.96%
The local rally continued, led by resources stocks which were underpinned by a rise in the price of oil. The ASX 200 is up 2.7% this month so far.
BHP added 3.5% to $19.21, Bluescope Steel 9% to $6.00, Fortescue 7.9% to $3.14 and Woodside Petroleum 2.28% to 427.55.
RBA minutes released today show the latest cut in official cash rates by 25 basis points to 1.75% was a close call triggered by weaker than expected inflation.
The Australian dollar jumped on the news.
The NAB, trading ex-dividend, dropped more than 3% to $28.13. In the same boat was Macquarie Bank which fell 1.47% to $71.02.
Paint maker DuluxGroup was down almost 3% to $6.22 despite a 28.7% rise in half year profit to $63.7 million.
Newly listed tech player Redbubble fell a little on its first full day of trading but at $1.43 was still ahead of its $1.33 issue price.
SmartTrans, which announced an online marketing and payments deal to sell Tim Adams Wines in China, closed more than 11% higher at $0.038.
The top stories Tuesday:
1. The banks are cutting back. Australia’s big four banks, facing flat profits from economic headwinds, have shed 4,229 jobs in the last year. Also read: ANZ to lay off 200 staff, blaming economic conditions.
2. Revenue in the double digits. OzForex full year profit fell 10% to $21.81 million as the international payments service provider strengthens its management team and builds an enhanced mobile digital presence. Its shares fell 3% to close at $2.21.
3. A close call. The RBA released the minutes of this month’s board meeting when it decided to cut rates by 25 basis points to a modern day low of 1.75%.
4. A new CEO. Hey You, a mobile ordering and payments app, closed a $2 million Series B funding round led by Reinventure and Exto Partners.
5. A cybercrime hot spot. Corporate Australia reports seeing more local economic crime than the rest of the world.
6. Mentoring promising tech companies. The biggest names in Sydney tech have a plan to transform the startup scene.
7. One week into the election. The first full week of the election campaign has had little to no impact on confidence levels of Australian households. Also read: Malcolm Turnbull is smashing Bill Shorten on media mentions so far.
8. Finally, an app to tell you what you’re really worth. Do you sometimes wonder what your true value in the jobs market is if your salary reflected all your education and career experience?
9. Health warning. The way you’re sitting at your desk all day could be giving you a hunchback.
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