Australian stocks closed weaker.
- S&P ASX 200: 5,103.30 -33.93 -0.66%
- All Ordinaries: 5,179.60 -36.63 -0.70%
- AUD/USD: 0.7397 +0.0068 +0.93%
The local market fell hard on opening, later made up some lost ground but still ended the day in negative territory to cancel out Monday’s modest rise.
The ASX 200 is down 3.3% since the UK voted to leave the European Union last Thursday. So far this month, the index has lost more than 5%.
The major banks managed a weak positive close despite pressure on financial stocks globally. Westpac added 0.45% to 28.52.
The local stocks with direct business in the UK were punished again.
BT Investments, with £20.1 billion of funds under management in the UK, was down another 1.6% to $7.69 after dropping 10% on Monday.
CYBG, NAB’s spinoff of the UK bank Clydesdale, lost another 0.7% to close at $4.11 after shedding 9% the day before.
Macquarie Group, with extensive business in the UK and Europe, added 1.3% to close at $67.91 but is still down more than 12% since Thursday’s close.
The top stories Tuesday:
1. The Brexit is not a Lehman re-run. Global central bankers and others charged with liquidity management have merely lifted an eyebrow.
2. Australians couldn’t give a XXXX about Brexit. The latest ANZ-Roy Morgan consumer confidence index barely flinched last week, falling by a modest 1.7%.
3. Australians love watching online. Stan and Presto are building new subscribers faster than Netflix as Australians sign on for second and third services to feed their hunger for streaming media content.
4. Flat profits ahead. Murray Goulburn, the largest dairy processor in Australia, will be paying its farmer suppliers less next financial year. Its units closed down 2.6% to $1.105.
5. Barangaroo gets the final nod. James Packer’s Crown casino in Sydney just jumped its final hurdle. Crown shares were up 0.5% to $12.15.
6. Getting exposure to the booming lithium market. UBS picked 3 Australian stocks that will benefit from the revolution in electric cars.
7. The light show. Vivid Sydney smashed through the two million visitors mark, turning the annual light, music and ideas festival, which ended a week ago, into a cultural phenomenon the size of Brisbane.
8. The joy of commuting to work in Sydney. Workers spend three weeks a year stuck in traffic.
9. Independent Commission Against Corruption. Eddie Obeid is facing jail after being found guilty of misconduct in public office.