Australian stocks closed the session higher but ended the week marginally lower.
- ASX 200: 5,854.10 +32.71 +0.56%
- All Ordinaries: 5,885.60 +31.19 +0.53%
- AUD/USD: 0.7534 +0.0004 +0.05%
The local market made up some lost ground but still ended the week in negative territory. The ASX200 index was down 0.6% in a short trading week.
Today the banks and the big miners carried the day after a strong showing on Wall Street where the S&P500 closed 0.8% higher overnight.
The NAB added 0.9% to $33.07 and the ANZ 0.8% to $31.81.
Rio Tinto was up 2.6% to $60.24 and BHP 1.6% to $24.04.
Rising base metal prices pushed up iron ore-related companies. Fortescue Metals added 5.2% to $5.45 and Bluescope Steel was up 2.9% to $11.76.
Shares in energy group Duet jumped 9.4% to $3.01 after the Foreign Investment Review Board approved a $7.3 billion takeover by Hong Kong billionaire Li Ka-shing’s Cheung Kong Infrastructure.
The top stories:
1. The ATO just won $340 million in taxes from Chevron. A landmark transfer pricing case in the Federal Court.
2. Cyclone Debbie left its mark on coal exports. Early shipping data for April shows the impact.
3. Woolworths has won against its US partner over the sale of the Masters properties. The supermarket chain now has a clear run at selling the property of Masters after an award was made in confidential arbitration between the two parties.
4. The NBN roll-out left a Victorian city with millions in damages. City of Ballarat council staff estimated it would cost at least $13 million to restore roads, footpaths and property boundaries to their original condition.
5. Kogan.com has upped its earnings guidance, again. Business has been better than expected for the pure play online retailer. Its shares added 1.7% to close at $1.72.
6. A parking brake problem. Tesla is recalling 53,000 Model S and Model X cars.
7. Here’s what Amazon’s move into Australia will mean. The US giant is expected to collect price-points on everything, before setting prices at a 30% discount.
8. Coca-Cola Amatil drinks sales shrink further. The company says underlying net profit after tax will fall for the first half 2017. Its shares fell 10.5% to $9.61.
9. The ANZ Bank has sold its retail banking business in Vietnam. It’s part of the bank’s strategy to exit retail banking in Asia and concentrate on institutional business.
10. The unauthorised guide to things accountants say. Everyone in Australian business needs to understand these phrases.