Australian shares closed marginally lower.
- S&P ASX 200: 5,766.90 -4.58 -0.08%
- All Ordinaries: 5,821.60 -2.13 -0.04%
- AUD/USD: 0.7460 +0.0019 +0.26%
The local market tracked higher before dipping again in late trade, ending the session flat despite rises on Wall Street where the S&P500 added 0.3%.
Among the major banks, Westpac was down just 0.09% to $33.43 but the rest were higher, including the NAB, up 0.3% to $31.52.
The big miners added weight with BHP up 1.3% to $26.36 and Rio Tinto 0.95% to $62.87.
Blood products and flu vaccine company CSL was a major drag on the market, closing at $100.96, down 2.8%.
Qantas surged 3.2% to $3.51 with a falling US dollar promising cheaper aviation fuel.
Shares in Bellamy’s shares were crushed again. They closed at $4.40, dropping another 17.7% today, adding to a 19.9% loss yesterday after announcing the departure of the CEO, Laura McBain, and a profit downgrade.
The top stories:
1. Out of favour Australian stocks looking good for 2017. The Australian equities market is at the dawn of an expansion cycle where earnings at listed companies are growing, according to Credit Suisse.
2. Optimism towards Australia’s housing market remains high. The latest ANZ-Australian Property Council quarterly survey shopws overall confidence levels jumped to 131.2 in the March quarter.
3. Discount domestic airfares in Australia are rising fast. If you’re looking for a cheap domestic airfare, you might be out of luck.
4. China finally figured out how to make ballpoint pens. A Chinese steel firm has made an unlikely breakthrough in the country famous for replicating just about every technology as soon as it hits the market.
5. Anzac Day marches have been axed because of expensive anti-terrorism requirements. RSL clubs have had to call off the annual events in Katoomba, Blackheath, Springwood and Glenbrook.
6. This year’s Australia Day lamb advert. The video borrows Australia’s immigration stories to portray a 21st century beach barbie.
7. A woman had her passport application denied because she’s an annoying vegan. Nancy Holten, 42, is a vegan and an animal rights activist who was born in the Netherlands, but has lived in Switzerland since she was eight years old.
8. Jeff Gundlach’s full presentation. Expensive stocks, the economy under Trump, and the Federal Reserve.
9. Gen Z girls on how they use their mobiles. All about sending a KTS to your streak list.