Australian stocks started the new financial year marginally ahead.
- S&P ASX 200: 5,246.60 +13.22 +0.25%
- All Ordinaries: 5,327.00 +16.59 +0.31%
- AUD/USD: 0.7450 -0.0001 -0.01%
The local market cruised to a quiet and flat close on the first day of the 2017 financial year.
Investors were influenced by a global recovery following a beating from the UK’s vote to leave the European union.
In London, the FTSE gained 2.3% and on Wall Street the S&P 500 closed 1.4% higher.
And the ASX 200 is heading toward making up lost ground from Brexit. The index is up 2.6% this week and is just 0.6% down from Thursday’s close last week.
Today big miners carried the market, with BHP up 2.3% to $19.09 and Rio Tinto 1.25% to $46.07.
But the major banks dragged. The ANZ bank lost 0.7% to close at $23.95 and the Commonwealth was also down 0.7% to $73.83.
The top stories Friday:
1. The Brazil mine disaster. BHP’s mine disaster clean up deal with Brazil has collapsed.
2. The housing boom.Prices in Sydney are still rising at insane levels.
3. The sad state of superannuation returns. Most superannuation accounts will have staggered, exhausted to the end of the 2016 financial year with a slightly positive result.
4. A jump on the first day. Shares in Vault Intelligence Limited soared when the environmental health and safety software provider started trading on the ASX today.
Is it really made in Australia. New rules come in today on food labelling.
5. What happens when you start thinking the office is a democracy. These interns got sacked after they tried to change the dress code.
6. The recipe for financial success. An interview with Warren Buffett’s investment manager Ted Weschler.
7. Recall in Australia. More than 750,000 Mitsubishi and Toyota cars — leaking fuel tanks, faulty brake boosters, faulty indicator lights and loss of power.