Australian stocks ended in positive territory.
Here’s the scoreboard:
- S&P ASX 200: 5,122.60 +23.37 +0.46%
- All Ordinaries: 5,181.00 +23.30 +0.45%
- AUD/USD: 0.7065 +0.0035 +0.50%
The local market closed higher for the first time this week but was held back by Westpac, which went ex-dividend and lost 2.46% to $30.14.
BHP, still suffering a loss of investor confidence after a fatal mine disaster in Brazil, also dragged on the market. The world’s biggest miner lost another 2.86% to $20.95.
The other major banks did well, with the ANZ rallying 2.7% to $26.23.
Qube, which has now made a formal bid for logistics group Asciano, added 5.6% to $2.31 today after being marked down yesterday for declaring its hand for a 100% bid.
Dick Smith, which last month downgraded its profit forecasts, fell another 5% today to $0.785.
The top stories Wednesday:
1. The BHP mine disaster. The impact from the fatal disaster at the Samarco mine in Brazil will cut BHP’s earnings, profits and share valuations. Its shares were down 2.8% today to $20.95, a drop of more than 10% in less than a week.
2. Paying for the iiNet purchase. TPG Telecom went into a trading halt to launch a $300 million share capital raising placement.
3. Very fast data. Vocus and Nextgen are working on building a high speed communication cable between Australia and Singapore. Vocus shares were down 0.89% to $6.69.
4. Online travel bookings are booming for Webjet. The company has upped its full year guidance by 20% to $33.5 million in EBITDA (earnings before interest, tax, depreciation and amortisation). Webjet added 3.7% to $5.23.
6. Here’s a strong indication that Middle Australia is feeling the squeeze. The Westpac-MI consumer sentiment index.
7. Is there ever enough to retire on? Even with a good retirement fund, the risk of running out of money before you die is real.
8. Australia’s plan to fund its startup sector has turned out to be a flop so far. Dissecting the significant investor visa scheme.
9. Chocolate not so sweet. Melbourne-based premium chocolate maker and retailer Koko Black has gone into voluntary administration.
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