Australian stocks fell.
Here’s the scoreboard:
- S&P ASX 200: 5,226.40 -50.02 -0.95%
- All Ordinaries: 5,277.20 -49.27 -0.92%
- AUD/USD: 0.7196 +0.0004 +0.05%
The market broke five positive trading sessions. All sectors ended the day lower.
The miners led the fall in the face of weaker commodity prices, with BHP dropping below $20 a share again, closing the day at $19.71, 1.79% down. Rio Tinto lost 1.48% to $47.42.
The major banks also were in the red. The NAB was down 1.3% to $29.82 and the Commonwealth 0.95% to $79.64.
The top stories Tuesday:
1. Demand for infant formula. A2 Milk Company shares are on a tear. It closed today up 9.3% to $1.11, for a 23% rise over the last week.
2. A big rights issue. Transurban is buying the AirportlinkM7 toll road in Brisbane for $1.87 billion, about half what it cost to build three years ago. Transurban closed down 3.4% to $10.32.
3. Value bleeding. Slater and Gordon shares are falling again, closing down another 6.9% to $2.00. The shares are off 40% from $3.32 on Thursday.
4. Billabong dives. Shares in he surfwear group fell as the company warned of deteriorating business conditions and the impact of a lower Australian dollar. It closed down 22.8% to $0.54.
5. Cash flow and not assets. Prospa, this year’s fastest growing Australian technology company, was founded on the idea that a loan should match the cash flow of a business rather than its assets.
6. He’s back. Martin Parkinson, the former head of the federal Treasury who was dumped by Tony Abbott, is about to make a triumphant return to the public service.
7. The pitch of a lifetime. The CEO of Deloitte Australia trained for a year for her job interview.
8. Stop using email. Atomic 212, an advertising agency with offices in Sydney, Melbourne and Auckland, has banned internal emails in order to foster more creativity.
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