Australian stocks closed lower, eating away the week’s gains.
- ASX 200: 5,695.00 -43.68 -0.76%
- All Ordinaries: 5,755.90 -42.51 -0.73%
- AUD/USD: 0.7998 -0.0006 -0.07%
The local market slumped on the last day of the trading week, slipping below the key 5700 mark on the ASX200, and leaving the market near where it started, just 0.4% higher over the five days.
The miners led the slump, as iron ore prices slipped. BHP was down 2.3% to $26.26 and Rio Tinto 2.3% to $66.81.
The major banks also lost ground with Westpac down 1.2% to $31.44 and the ANBZ 1% to $29.88.
1. Nev Power is going from Fortescue. He will leave on February 16 seven years after starting at the pure play iron ore miner. Fortescue shares were down 4.3% to $5.56.
2. JB Hi-Fi plans to increase sales by 20% this year. In its annual report, the company says it will open five new JB Hi-Fi stores and will continue to monitor opportunities for The Good Guys which it bought in November last year for $870 million. Its shares closed at $22.85, up 1%
3. Two rate hikes in early 2018? ANZ’s new forecasting tool is currently predicting that the Reserve Bank will get hawkish sooner rather than later.
4. Deloitte hauled in record revenue of $1.76 billion from Australia. It’s the third year of 15% growth in a row.
5. The RBA is $900 million in the red. But it is still paying a $1.3 billion dividend.
6. The ANZ has upped its national housing price forecasts. They now expect nationwide prices will finish the year 5.8% higher.
7. The best Australian private equity deals of 2017. Blue Sky Venture Capital, Allegro Funds, Quadrant Private Equity and KKR have been recognised The Australian Private Equity and Venture Capital Association.
8. A doona day off. And many companies have come to the conclusion that you shouldn’t have to resort to faking illness just to take a day away from the daily grind.