Australian shares closed the session, and the week, lower.
- S&P ASX 200: 5,434.00 -1.54 -0.03%
- All Ordinaries: 5,518.50 +0.24 0.00%
- AUD/USD: 0.7583 +0.0014 +0.18%
The local market cruised to a weak close. The ASX 200 index has lost just 33 points or 0.6% for the week, giving back the gains of the previous week.
Today, most of the major banks lost ground or were flat. The ANZ was down 0.9% to $27.53 but the Commonwealth closed 0.07% higher at $74.58.
BHP was down 0.9% to $22.54 and Rio Tinto 1% to $51.05.
Qantas was up 2.5% to $3.24 on the prospect of lower oil prices.
The top stories:
1. The apartment oversupply. Melbourne city is the centre of an explosion creeping up on the Australian market over the next two years. Also read: This is why the RBA is getting anxious about a ‘marked oversupply’ of apartments.
2. A quarter of a century of uninterrupted economic growth. But it’s come at a cost to Australia.
3. BHP Billiton and Rio Tinto downgraded. Citibank released a report downgrading Australia’s mining giants from neutral to sell.
4. Freedom is buying Fantastic Furniture. Steinhoff Asia Pacific, the owner of Freedom Furniture, is taking control of the super discount Fantastic stores in a $361.4 million takeover. Fanastic shares closed 40% higher at $3.43.
5. Start polishing your gaming skills. Australian companies are increasingly using online gaming to select job candidates.
6. Broo Premium Lager and Australia Draught. Shares in Broo Limited, the Australian beer company, jumped on debut on the ASX today.
7. Sins on social media. Here’s what happens when you get your social media profile analysed to see if you are a risky hire.
8. BHP’s Olympic Dam has power again. BHP’s Olympic Dam copper, gold and uranium mine, knocked out by power failures during severe storms two weeks ago, is back in production.
9. A payout from the RBA. The RBA’s net profit was $2.9 billion for 2016 and it’s paying the government a $3.22 billion dividend.
10. PODCAST: Martin O’Malley on Trump, better cities, and leadership in the data age.