Australian stocks closed higher.
- S&P ASX 200: 5,281.80 +35.19 +0.67%
- All Ordinaries: 5,365.20 +38.16 +0.72%
- AUD/USD: 0.7504 +0.0011 +0.15%
The local market dropped on opening but made up losses to end the session ahead for the second day of trading of the new financial year.
The ASX 200 is up 0.9% after the two sessions but is still down 2.8% this calendar year.
Today the banks dragged on the market while the big miners kept it afloat.
Westpac was down 1% to $28.98 but BHP added 2.3% to $19.53, Rio Tinto 3.7% to $47.78 and Fortescue Metals 7% to $3.89.
Treasury Wines was 2.4% higher at $9.51 after announcing the sale of non-core portfolio wines in the US.
The top stories Monday:
1. Austal cuts its earning outlook. Austal is facing an initial loss on its multi-billion dollar deal to build state of the art aluminium warships for the US Navy. Austral shares closed 8.2% lower at $1.11.
2. Australia’s AAA rating. The too-close-to-call election is being watched closely by ratings agencies which must decide whether Australia can keep its gold stamp of fiscal approval.
3. Malcolm Turnbull’s future. Whatever the final seat count, the 2016 election has gone badly wrong for the prime minister.
4. The Election. Political gridlock is now a real risk to Australia’s economic outlook. Also read: Gerry Harvey says the solution to Australia’s political chaos is a dictatorship. And: The AFP is investigating ‘Medicare’ texts sent by the ALP on election day
5. The housing boom. Auction clearance rates in Sydney are back above 80%.
6. The Internet of things. Xped has licensed its proprietary internet of things technology to Shanghai-based Telink Semiconductor, a maker of low power wireless chips. Xped shares jumped 18% to close ta $0.085.
7. Digital retailing. Australians spent nearly $20 billion online over the past 12 months.
8. Raising $1.2 million in three weeks. The best funded Australian Kickstarter campaign is for a set of revolutionary headphones.
9. Room service blues. The Dos and Don’ts, according to staff.