AUSTRALIAN STOCKS ON HOLD: Here's what you need to know

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Australian stocks closed marginally higher.

Today’s scoreboard:

  • ASX 200: 5,676.60 +9.43 +0.17%
  • All Ordinaries: 5,714.80 +7.03 +0.12%
  • AUD/USD: 0.7549 -0.0001 -0.01%

The banks kept the local market afloat. The ANZ closed 1.1% higher at $27.85 and the NAB almost 1% to $29.64.

However, Telstra fell 1.3% to $4.40 and Woodside Petroleum 1.5% to $31.02.

CSL was up 3% to $135.32 after UBS upgraded the blood products group to a buy.

Bega Cheese fell 1.9% to $5.64 after announcing it will pay dairy farmers $5.50/kg milk, a 10% rise.

Bellamy’s, the organic infant formula maker, was up 5.6% to close at $5.76.

The top stories:

1. Coal exports plunge. Australia’s trade surplus narrows sharply.

2. A Sydney software firm just kicked off this year’s biggest Australian tech IPO. Human capital management software company Elmo released a prospectus for an ASX listing, seeking to raise $25 million by floating 23% of its ownership.

3. Time to cut back on bank stocks? UBS analysts have overlaid macro economic factors on profit forecasts by the banks.

4. Slater and Gordon faces more legal action. Another potential class action.

5. Those stretch sales goals are rubbish. Science says they tend to push staff to take bigger risks or make them feel so overwhelmed that they give up.

6. The housing game. Australian property values have risen nearly 350% in the last 20 years.

7. And Sydney and Melbourne just had their worst home auction clearance this year. Melbourne’s clearance rate fell to 73.1% down from 74.2%, CoreLogic said. Sydney recorded a final clearance rate of 71.9% down from 72.7%.

8. VIDEO: Here’s what it’s like to race a V8 Lexus around a grand prix circuit.

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