STOCKS GO NOWHERE: What you need to know

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Banks stocks recovered from big falls, but the energy and mining sectors dragged the Australian market to a flat close.

Here’s the scoreboard:

  • S&P ASX 200: 5,610.30 -5.20 -0.09%
  • All Ordinaries: 5,614.00 -5.40 -0.10%
  • AUD/USD: 0.7901 -0.0013 -0.16%

Overnight on Wall Street, the S&P 500 index closed down 0.06%. On the local market, seven out of ten sectors were ahead but falling commodity prices pulled down energy and mining stocks.

BHP closed down 2.73% to $28.82 and Rio Tinto 2.47% to $56.03. Santos was down 3.83% to $7.78 and LNG 4.45% to $4.42.

The health care sector had big gains with CSL up 1.3% to $89.68, Ramsay up 1.9% to $65.05 and ResMed 2.27% to $7.20.

The banks clawed back earlier losses to close marginally weaker.

1. A solid bounce. Confidence returns with a big surge post the federal budget. Westpac’s consumer sentiment survey up 6.4% to 102.4.

2. Buying a new yacht can do good things to a share price. Marcus Blackmore, chairman of Blackmores, wrote to his board to tell them he had sold 150,000 company shares and planned to buy a yacht. Today Blackmores closed up 1.3% to $70.40.

3. Telstra is hacked. Australia’s biggest telco says the network of -based Pacnet, which it bought earlier this year for US$697 million (AU$858 million), had been compromised. The announcement shaved Telstra’s gains for the day and closed flat at $6.13.

4. The sharp fall in bank stocks would have hurt failed stockbroker BBY. Financial stocks have dropped 11.4% since the market peak on March 18.

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