The Australian market recovered from earlier losses to close flat with investors being cautious in the face of the Greek debt crisis.
Here’s the scoreboard:
- S&P ASX 200: 5,538.80 -6.45 -0.12%
- All Ordinaries: 5,541.50 -10.64 -0.19%
- AUD/USD: 0.7726 -0.0006 -0.07%
On Wall St, the S&P 500 closed down 0.7%. On the local market, eight out of the sectors closed lower.
Energy stocks led the way down. Woodside Petroleum was 2.89% weaker at $35.67 and Santos 2.64% to $8.12.
The major banks gained ground with the NAB up 0.84% to $32.53.
The top stories Monday:
1. The Ten Network finally announces a $154 million capital raising, including a 15% stake going to Foxtel. Ten shares closed down 1.89% to $0.26.
3. Shareholders at Amcom Telecommunications have voted in favour of a merger with Vocus Communications, firmly rejecting a blocking move by rival TPG.
4. Iron ore blues. Arrium is preparing to announce more falls in profits and bigger write-downs as it restructures, trying to bring down its costs to meet flagging commodity prices. It closed down 6.25% to $0.15.