The Australian market coasted to its sixth straight positive session, with investors ignoring a flat Wall Street.
Here’s the scoreboard:
- S&P ASX 200: 5,706.70 +19.81 +0.35%
- All Ordinaries: 5,688.50 +19.51 +0.34%
- AUD/USD: 0.7352 -0.0020 -0.26%
On Wall St, the S&P 500 closed up 0.1%. On the local market, eight out of ten sectors were higher, adding another 0.35% to Monday’s 0.3% rise.
The banks were mostly higher, except for the Commonwealth Bank which was down 0.29% to $88.10. Mining stocks slipped on lower commodity prices, with BHP 0.63% lower at $26.82 and Rio Tinto 0.91% to $53.38. Among energy stocks, Santos was down 0.93% to $7.47.
The top stories Tuesday:
1. Oil Search hit record production in the June quarter to 7.41 million barrels, a rise of 7% on the previous three months. It closed up 3.89% to $7.22.
2. Credit Suisse cut its ASX 200 index target to 6000. The investment bank says its previous target of 6500 is now probably out of reach.
3. Shares in Echo Entertainment soared after the casino group won a $2 billion tender to rebuild Brisbane’s Queen’s Wharf precinct. The shares closed up 0.62% to $4.87 after being up more than 4% during the day.
4. Billionaire Frank Lowy, the 84-year-old chair of Westfield and Scentre, has had brain surgery, a legacy of a fall in May.
5. BHP, in its fourth quarter production report due tomorrow, is expected to record an overall fall in output.
6. APRA’s new capital rules might hurt bank profitability, but it’s good for home loan borrowers.
7. Foreign buyers are snapping up more than 1 in every 10 residences for sale in NSW and Victoria.
8. Australian inflation is out tomorrow: here’s what the market’s saying.