AUSTRALIAN STOCKS SNOOZE: Here's what you need to know

Pam Ishiguro / Barcroft Images / Barcroft Media via Getty Images

Australian stocks closed marginally lower.

Today’s scoreboard:

  • ASX200: 5,940.90 -0.70 -0.01%
  • All Ordinaries: 6,045.60 +1.60 +0.03%
  • AUD/USD: 0.7926 +0.0013 +0.16%

The local market open with a dip of about 0.4% but fought back to close almost flat. The ASX200 was still holding above the key 5900 support level.

Shares in electronic design software company Altium jumped 26% to $18.88 after posting record revenue growth of 30% to $US63.2 million for the first half. Profit rose 51% to $US14.9 million.

Telco Vocus dropped 10.4% to $2.57 after underlying profit fell 25% to $68.6 million for the half year.

Real estate agency McGrath announced a new board of directors and its shares fell another 4.6% to $0.41.

Engineering services giant Monadelphous was 2% higher at $18.32 after posting a 39% jump in sales to $874.1 million for the half year and a 32% lift in profit to $37.6 million.

Vacuum cleaner retailer Godfreys fell 6.2% to $0.30 after posting a loss of $58.6 million, including non cash impairments after tax of $59.3 million. Underlying profit was $900,000, down 61.8%, as like for like sales keep falling.

Top stories:

1. CHART. The main reason Australian home prices are falling, in one chart.

2. Super Retail Group has declared a digital future. “We expect that digital channels will present the key opportunity for growth.” Its shares dropped 14.4% to close at $7.03.

3. Australian digital bank startup Xinja will soon have housing loans. Xinja has been granted an Australian Credit Licence from ASIC (Australian Securities and Investments Commission).

4. Seven West Media suspends dividends. The free-to-air television network and media company has also accelerated its cost cutting. Its shares rose 18.6% to close at $0.605.

5. Feeling stressed? The RBA says financial stress for Australian households remains relatively low.

6. Complaining at work. It’s difficult for employees to prove they have been fired because of complaining or questioning their employer.

7. Credit ratings. Everything you need to know and why they matter.

8. Blockchain now has an Australian university course to try to explain it. If you don’t understand how blockchain, the technology behind cryptocurrencies, works, you are not alone.

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