Australian stocks closed lower.
- ASX200: 5,991.90 -13.90 -0.23%
- All Ordinaries: 6,106.20 -13.10 -0.21%
- AUD/USD: 0.7989 -0.0009 -0.11%
The local market fell through the key support level of 6000 points on the ASX200 index.
The major banks were the main drag on the market. Westpac fell 1.2% to $30.56 and the Commonwealth 1.2% to $78.86.
Nine Entertainment was up 6.9% to $1.64. There was no news to explain the rise in the TV network.
Kogan.com dropped 4.5% to $6.50 after releasing a cash flow report and trading update for the December quarter.
Australian Pharmaceuticals shed 3.9% to $1.475 after a trading update said full year net profit would only be “marginally above” 2017.
Treasury Wine Estates, the owner of major wine brands including Penfolds, was 2.9% higher at $15.92, adding to rises following a broker upgrade.
1. McGrath heads for a loss. The CEO is gone, the board is also on the way out. Its shares fell 12.2% to close at $0.50.
2. Antony Catalano departs Domain. Fairfax Media listed Domain on the ASX just two months ago, valuing the business at $2.2 billion. Domain shares fell 17.17% to $2.75. Fairfax Media was down 9.7% to $0.65.
3. Crowdfunding a pub. The Sporting Globe is looking to set up its latest franchised pub in Plenty Valley, just west of Melbourne.
4. Home prices fell in Sydney and Melbourne. According to CoreLogic, prices in Sydney, Australia’s most largest and most expensive housing market, fell by 0.4%, leaving the decline over the past month at 0.6%.
5. An interest rate hike? Next Wednesday’s CPI report is likely to show inflationary pressures in the Australian economy have stabilised.
6. The next blockchain application? ASX-listed blockchain company Yojee just successfully completed live testing of a supply chain solution. Yojee shares fell 5.6% to close at $0.25.
7. The retail crunch. The Commonwealth Bank’s latest Business Sales Indicator shows sales at retail and clothing stores down 0.4% in December in trend terms, the weakest result in over six years.
8. Let’s talk about values. Managing five different generations in today’s company.