MINING STOCKS FALL, BANKS RISE: What you need to know

Australia’s Stephen Sandman at the Invictus Games Orlando 2016 Archery Finals in Lake Buena Vista, Florida. Alex Menendez/ Getty Images for Invictus Games

Australia stocks closed at a 2016 high.

Here’s the scoreboard:

  • S&P ASX 200: 5,342.80 +22.10 +0.42%
  • All Ordinaries: 5,403.90 +16.07 +0.30%
  • AUD/USD: 0.7321 +0.0004 +0.05%

The ASX 200 is now 0.8% stronger than it was at the start of the calendar year.

On the market today, falls in resources stocks, following an overnight slide in oil and iron ore prices, were offset by rising financial stocks.

BHP was down 3.15% to $17.83, continuing its 10% slide over the last week, and Rio Tinto shed 2.8% to $45.40.

Fortescue Metals dropped 6.25% to $2.85 while Woodside Petroleum lost 3.2% to $26.44 and Santos closed down 3.5% to $4.03.

Among the banks, the Commonwealth was 2.9% higher at $78.00 and the NAB 1.6% to $28.92. Macquarie Bank added another 4% to $69.89.

Media monitoring group iSentia jumped 3.4% to $3.66 after an update showing full year revenue trending to a range of $155 million to $158 million, between 22% and 24% compared to 2015.

The top stories Tuesday:

1. Profit was down 78.5%. Explosives and fertiliser company Incitec Pivot posted a fall in half-year profits but maintained dividends. Its shares closed 9% higher at $3.12.

2. A $15 million payday. One of Australia’s most-loved cooks, Maggie Beer, is selling a minority stake in her Barossa Valley food business to a digital media company.

3. Get your own post office. Australia Post is looking to sell seven of its historic GPO buildings across the country including the one in Sydney’s Martin Place and Melbourne GPO on Bourke Street.

4. Apple Pay. ANZ Banking Group says its recent deal with Apple to provide Apple Pay in Australia has sparked a surge in applications for credit cards and deposit accounts.

5. One way to get into India. ASX-listed tech company YPB has signed a 10-year deal with cricketing legend Sachin Tendulkar. YPB shares closed 6% higher at $0.265.

6. A dad called Duncan. A $6000 toaster has become the election’s first big talking point.

7. MADE is heading to Asia. A beverage company founded 10 years ago by a group of Melbourne school mates is leaving multinational rivals in its wake.

8. Negative gearing will be one of the hottest topics in the election. The ANZ has measured the number of monthly Google searches for “negative gearing” going back to 2008.

9. Victoria’s most expensive home? A mansion owned by Tony Smorgon, a member of the billionaire steel family, and his wife Jennifer, is expected to exceed the current $26 million record when it goes on the market on May 14.

10. Don’t trip up. An etiquette expert shares the two biggest mistakes foreigners make when doing business in China.

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