Australian stocks bounced higher.
- S&P ASX 200: 5,137.20 +24.02 +0.47%
- All Ordinaries: 5,216.20 +23.37 +0.45%
- AUD/USD: 0.7411 -0.0052 -0.70%
The local market started the long climb out of the blast hole left by last week’s UK decision to leave the European Union.
In volatile trading, the ASX 200 was down more than 1% before regaining lost ground and closing in positive territory.
However, the index is still a long way from making up the 3.17% drop of Friday, the largest one-day percentage fall since September 29 last year.
So far this month, the ASX 200 is down almost 4.5%.
The big miners led the charge higher today but the financial stocks dragged.
BHP added 3% to $18.08 and Rio Tinto 2.9% to $44.07. The ANZ closed 0.7% lower at $23.27 but the Commonwealth added 0.3% to $72.80.
Companies with more direct business interests in the UK suffered.
BT Investments, with £20.1 billion of funds under management via its UK subsidiary, was 10% weaker at $7.82.
CYBG, NAB’s spinoff of its UK bank Clydesdale, lost more than 9% today to close at $4.14.
Other companies include Macquarie Group which was down 5.9% to $67.00, share registry Computershare, 6.5% to $9.24, and equity trading platform Iress, 2.5% to $$10.57.
The top stories Monday:
1. What housing bust? Sydney prices are up 9% in less than half a year.
2. The big Australian stocks facing Brexit. Credit Suisse has issued a list of major Australian that could feel the impact of Britain’s decision to leave the European Union. Also read: How Brexit will shave Australia’s economic growth.
4. Guvera subsidiaries go into administration. The music streaming company says it has appointed Deloitte to lead a restructure.
5. Losing everything. The founder of Grounds of Alexandria on how he built one of Sydney’s most popular cafés.
6. Keeping your gear safe. The one reason why passwords will always be more secure than eye scans and fingerprints.
7. Nanosatellites in space. The ASX-listed Sky and Space Global plans to launch up to 200 nanosatellites using the LauncherOne orbital launch vehicle with Richard Branson’s Virgin Galactic.
8. Natural elements. The first look inside Mirvac’s new Sydney headquarters.
9. Effective leadership. Here’s what we can learn from Game of Thrones.