Australian shares closed higher.
- S&P ASX 200: 5,435.40 +24.65 +0.46%
- All Ordinaries: 5,518.40 +26.43 +0.48%
- AUD/USD: 0.7670 +0.0003 +0.04%
The local market gained ground for the second day in a row with the ASX200 increasing its point margin above the key 5400 level.
BHP closed down 0.75% to $22.47 after releasing its quarterly production report.
The banks were mixed with the NAB up 0.3% to $27.79 but Westpac down 0.07% to $30.35.
Crown Resorts fell again today after a 13.9% fall on Monday sparked by the arrest of 18 employees in what is seen as a crackdown on casino companies marketing in Mainland China. The shares closed down 3% today to $11.00.
The top stories:
1. Mortgage arrears at a three-year high. And Moody’s Investors Service says the proportion of Australian residential mortgages more than 30 days in arrears will likely climb further.
2. It turns out wind farms actually were partly to blame. The Australian Energy Market Operator has updated its findings on South Australia’s state-wide blackout last month.
3. Tyro just hired the UBank founder as its CEO. Gerd Schenkel has been hired to build the fintech company’s next-generation bank.
4. Watch out all-male boards. A powerful superannuation fund lobby will use its power to vote against the re-election of directors on boards of ASX200 companies not making an effort to appoint women directors.
5. The fear of God. Australian Security and Investments Commission chairman Greg Medcraft wants the Turnbull government to give him a tougher penalty regime so it will “actually hurt” anyone the corporate regulator catches.
6. The apartment glut. The only thing growing as fast as the number of new apartments being built is the number of analysts who are now calling for a price correction.
7. Bad workplaces have a lot in common with bad marriages. Researchers adapted for the workplace a study method which successfully predicts divorce.
8. The $11 billion Tatts and Tabcorp merger. Also read: Here’s what a combined Tatts and Tabcorp gambling business looks like. Tatts shares jumped by more than 15% to close at $4.16. Tabcorp was up 3.4% to $5.06.
9. BHP Billiton expects oil and gas markets to improve. The mining giant’s latest quarterly production report also says iron ore and metallurgical coal prices have been stronger than expected.