Australian stocks ran out of steam on Wednesday.
Here’s the scoreboard:
- S&P ASX 200: 5,242.30 +3.08 +0.06%
- All Ordinaries: 5,294.80 +3.62 +0.07%
- AUD/USD: 0.7206 +0.0020 +0.28%
The Australian market see-sawed, adding 1.4% in early trade before losing altitude in the afternoon.
The day ended with six sectors lower and four higher, a long way from Tuesday’s 1.4% surge.
The big banks, which earlier carried the market higher, closed either flat or weaker. The NAB was down 0.63% to $29.91.
BHP closed up by 1.96% to $23.47 but Santos was down 3.5% to $5.99.
Electronic retailer Dick Smith, which has been punished recently for a profit guidance downgrade, added more than 8% to $0.820.
Echo Entertainment, which own The Star, Treasury in Brisbane and Jupiters, told its AGM of a 33.8% fall in high roller revenue at its casinos and was down more than 6% to $4.80.
The top stories Wednesday:
1. Australia’s trade deficit just had a massive, unexpected narrowing. The deficit declined in September to $2.317 billion.
2. Bigger building profits. CSR, the building products group benefiting from the construction boom, now expects its full year profit to be higher than the previous financial year. Its shares closed up more than 4% to $3.03.
3. Steady sales. Australian retail sales met expectations in September, rising 0.4%.
4. China has some bad news for mining companies. China’s state council provided further information on how it plans to reform inefficient and heavily indebted state-owned enterprises
5. On being a good citizen. This can also have a positive influence on the balance sheet.
6. Iron ore blues. Port Hedland iron ore exports tumbled last month.
7. Bigger slices. Domino’s Pizza announced strong first quarter results and upgraded its full year guidance to 25% growth over last year’s underlying profit.
8. The world’s biggest IPO of 2015. Japan Post is that country’s biggest privatisation since the 1980s.
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