AUSTRALIAN STOCKS SLIP AGAIN: What you need to know

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Australian stocks closed marginally lower again.

Today’s scoreboard:

  • ASX 200: 5,712.20 -11.98 -0.21%
  • All Ordinaries: 5,761.00 -12.76 -0.22%
  • AUD/USD: 0.7685 +0.0012 +0.16%

The local market tracked higher for most of the day before sliding to another weak close and adding to Monday’s 0.26% fall.

Investors were waiting to see the reaction to Donald Trumps’s address to Congress on Wednesday Australia time.

Gains from financial stocks buoyed the local market. AMP added 2.7% to close at $4.88 and the Bank of Queensland 2.5% to $11.85.

Engineering services group WorleyParsons revealed it had received a confidential takeover offer three months ago. The shares closed almost 32% higher at $10.65.

The top stories:

1. The Bellamy’s coup leaves heads on the floor. Rebel shareholders at the troubled infant formula maker gained two board seats and saw off four sitting directors. The shares jumped 4.2% to $4.45 when they came out of a trading halt late today.

2. Australia appears to have avoided a technical recession. The last of Australia’s Q4 GDP inputs arrived today with the release of net exports and government spending figures. Also read: Australia’s just logged its smallest current account deficit since 2001.

3. SurfStitch sees more losses ahead. The troubled online retailer posted a half year loss of $5.6 million and expects more of the same for the rest of the year. Its shares added 2.7% to close at $0.185.

4. Specialty Fashion increased profit. Australia’s largest specialty retailer of women’s fashion squeezed more profit from its stores despite a weak Christmas and a fall in sales over the six months to December. Its shares fell 2.3% to $0.625.

5. Revenue falls at Shine Lawyers as resources industry work dries up. The latest half year results include a $5 million impairment of goodwill relating to the firm’s energy and resources practice, also sometimes called the land access practice. The company’s shares fell 6.4% to close at $0.65.

6. Harvey Norman scores another record profit. The retailer of home electronics and furniture posted a net profit after tax of $257.29 million, a 38.7% rise for the six months to December. Its shares closed marginal higher at $5.15, up 0.5%.

7. Australia is now the No.1 destination for the world’s millionaire migrants. The world’s millionaires are on the move, and the place they settle on the most is Australia.

8. Forget retirement. The move to later retirement is underway worldwide and Australia is leading the pack.

9. PHOTOS: Atlassian’s family fun day looked like a blast.

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