The Australian market rebounded, almost regaining Monday’s losses, as industrial stocks made up for weaker mining and energy sectors.
Here’s the scoreboard:
- S&P ASX 200: 5,697.90 +18.56 +0.33%
- All Ordinaries: 5,697.90 +18.56 +0.33%
- AUD/USD: 0.7376 +0.0091 +1.25%
On Wall Street, the S&P500 closed down 0.3%. On the local market, seven out of ten sectors were higher, almost regaining Monday’s 0.35% loss.
Among energy stocks, falling oil prices pushed Santos down 2.59% to $7.15 and LNG 9% to $2.91. BHP lost 1.07% to $25.90 and Fortescue Metals 4.57% to $1.77.
Fairfax Media, which announced the sale of its Melbourne print site for $16 million, was up 5.29% to $0.895.
Retailers did well with Myer up 3.18% to $1.30 and Harvey Norman more than 6% to $4.72.
The top stories Tuesday:
1. How the Aussie dollar’s fall helped CSL win the race to become Australia’s first $100 stock.
2. Queensland’s Suncorp, which is on a multimillion dollar cost cutting program, posted a 55.2% rise in net profit of $1.133 billion for the full year to June 30. Its shares were up 1.54% to $$14.55.
4. A draft crowdfunding framework released by Treasury today looks at how the fund raising method could work for private Australian companies without hitting them with huge compliance costs.
5. Shares in Mobile embrace soared in early trade after the mobile payments group announced a 71% lift in revenue to $33.02 million for the full year. Mobile Embrace shares closed up more than 18% to $0.315.
6. Freelancer went into a trading halt as the crowd-sourcing marketplace considered a potential capital raise.