The Australian market closed weaker, dragged down by falling banks stocks and a set of mostly underwhelming profit results.
Here’s the scoreboard:
- S&P ASX 200: 5,858.20 -30.46 (-0.52%)
- All Ordinaries: 5,822.30 -27.22 (-0.47%)
- AUD/USD: 0.7798 +0.0025 (+0.32%)
Wall Street was closed for a public holiday and the Australian market looked closer to home for signs.
The Commonwealth Bank went ex-dividend, closing down 3.71% to $90.
The top stories on Tuesday:
1. The falling price of iron ore. Fortescue Metals interim results are just above analyst expectations with net profit down 81% to $331 million. It’s shares lost 4.85% to close at $2.55.
2. SEEK shares lost 8.7% to close at $17.10 after its first half profits failed to meet expectations.
3. Dick Smith was punished. Sales for the six months rose 8.9% to $694 million but net profit was up just 0.8% to $25.2 million. The shares closed down 6.67% to $2.10.
4. Coca-Cola Amatil rewarded. The beverage manufacturer posted a 25.3% drop in underlying profit to $375.5 million with revenue falling as the company restructures. Its shares closed up 6.31% to $10.61.