Australian stocks closed marginally lower.
- ASX200: 5,931.70 -6.07 -0.10%
- All Ordinaries: 6,002.20 -3.29 -0.05%
- AUD/USD: 0.7717 +0.0040 +0.52%
The local market drifted to a weak close, with the banks the main drag.
NAB fell 2.8% to $31.95 after forecasting a rise in costs as the bank re-sets its business.
Telstra shares fell 1.6% to $3.51 after the telco’s AGM was told the “current market outlook is challenging.”
Boral was up 3.8% to $7.40 after the building products company said it now expects full year earnings from to be above last year.
Credit Corp was up 5.5% to $21.22 after the collection agency upgraded its profit guidance.
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3. Job cuts at Seven West Media. This financial year the company plans $55 million in cost savings, including $25 million in job cuts, and another $50 million in 2019. Its shares fell 6.1% to close at $0.615.
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7. Sydney’s housing slowdown. Clearance rates fall below 60%.
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