Australian stocks dipped.
- S&P ASX 200: 5,345.70 -25.04 -0.47%
- All Ordinaries: 5,420.30 -26.30 -0.48%
- AUD/USD: 0.7543 -0.0001 -0.01%
The local market wound back, after last week’s post US presidential election surge, as two major bank stocks went ex-dividend.
Westpac dropped more than 3% to close at $30.90 and the ANZ 1.4% to $27.89. The NAB was up 1% to $28.10 and the Commonwealth 0.5% to $76.18.
Gold stocks fell hard as prices for the precious metal wound back. Northern Star lost 9% to close at $3.77 and Newcrest 7% to $20.88.
Hills dropped 22% to close at $0.46 after the electronics group put on hold, because of market volatility, a merger between its Hills Health Solutions business and Lincor Solutions.
The top stories:
1. Bonus time and so called “soft” targets. NAB chief executive Andrew Thorburn’s pay packaged jumped 22% in 2016 to $6.7 million.
2. Daniel Petre is out, Nigel Dews is in. The ASX-listed real estate agent McGrath is revamping its board of directors. The shares were steady at 90 cents.
3. Booming cattle stations. Elders Limited today posted a 35% rise to $51.6 million in its full year after tax profit as the boom in the cattle industry flows through to the agribusiness. Elders shares jumped 4% to $3.95.
4. Some of Australia’s most famous brands are leaving Lion. Private equity-owned Accolade Wines is buying premium wine business Fine Wine Partners (FWP) from Lion in a deal said to be worth $100 million.
5. A threat to jobs. Malcolm Turnbull has accused Bill Shorten of playing shabby political games in the wake of Donald Trump’s populist triumph.
6. The Trans-Pacific Partnership (TPP) trade deal has fallen over. The Obama administration has suspended trying to legislate it before president-elect Donald Trump takes office.
7. Big W’s online store down. The department store disabled its online store after the checkout page pre-populated with another customer’s information.
8. Selling groceries and wine online to China. German discount supermarket Aldi is about to use Australia as a springboard.
9. The Gold Coast is sick of waiting for the NBN. It’s decided to build its own fibre network.
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