The Australian market closed the day flat after an early resources rally lost momentum and bank stocks weakened.
Here’s the scoreboard:
- S&P ASX 200: 5,664.70 +2.40 +0.04%
- All Ordinaries: 5,668.20 +4.60 +0.08%
- AUD/USD: 0.7925 +0.0031 +0.39%
Overnight on Wall Street, the S&P 500 index closed 0.2% higher.
On the local market, the banks were marginally weaker, with the Commonwealth leading the falls at $83.11, down 0.54%. The miners were flat. Energy stocks strengthened, including Woodside Petroleum, up 2.38% to $35.70, and Santos 2.28% to $8.09.
The top stories for Friday:
1. Profit warning. Oroton, which also has Gap and Brooks Brothers brands in Australia, has cut its earnings outlook after it ended heavy discounting. Its shares were down 13% to $2.22.
2. Making a move? An unknown buyer picked up almost 10% of the infrastructure and environmental services company Cardno for $41.6 million. Its shares were up more than 19% to $2.82.
3. Iron ore blues. It looks like the seven-day slide in the spot iron ore price, at least according to Chinese futures trading, may be about to come to an end.