The Australian market closed flat, only just in positive territory thanks to stronger resources stocks rallying on the back of sharply higher prices for iron ore.
Here’s the scoreboard:
- S&P ASX 200: 5,844.80 +7.31 (+0.13%)
- All Ordinaries: 5,820.30 +7.49 (+0.13%)
- AUD/USD: 0.7734 -0.0021 (-0.28%)
In the US, the S&P 500 index closed up 0.5%.
On the local market, six out of ten sectors closed stronger. But it was the miners with exposure to iron ore which held the rest of the market above water.
BHP was up 2.61% to $31.06 and Rio Tinto 1.99% to $56.30. The banks were all lower, led down by the NAB, closing 0.71% weaker at $37.84.
The top stories Thursday:
1. Iron ore blues. Fortescue successfully raised $US2.3 billion to pay down debt, effectively giving it at least another three years breathing space during a period of market volatility. Its shares closed up 9.71% to $2.09.
2. Rocketing. BC Iron released its quarterly report showing the miner has had success in cutting costs and keeping a profit margin as iron ore prices fall. Its shares closed up 53.85% to $0.40. However, 12 months ago the price was $4.74.
3. May rate cut? The NAB team became the first market commentators of note to forecast no change to official interest rates from the May RBA meeting.
4. The Aussie fights back against the Kiwi. Here’s why the Australian dollar fought against parity with New Zealand.