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Australian stocks closed the session lower and ended the week flat.
Today’s scoreboard:
- ASX200: 5,997.00 -14.30 -0.24%
- All Ordinaries: 6,086.20 -10.20 -0.17%
- AUD/USD: 0.7669 +0.0002 +0.03%
The local market ended the week just below the key 6000 mark on the ASX200 index and a tiny 2.6 points ahead of last Friday’s close.
Today the major banks dragged on the market with the ANZ down almost 1% to $28.22 and the Commonwealth 0.6% to $79.94.
Myer lost another 1.5% today to close at $0.645 after yesterday’s profit downgrade.
Transurban was 4.2% higher at $12.80 after announcing a $1.9 billion equity raising to fund the West Gate Tunnel project in Victoria.
Macquarie Atlas Roads dropped 3.7% to $6.12 after Macquarie Group sold its 11% holding in the company.
Top stories:
1. James Packer doubling down on Barangaroo. Casino giant Crown Resorts will sell two floors of its new luxury Sydney complex for $60 million to Packer, its largest shareholder. Crown shares were up 3.2% to $12.859.
2. Legal action against Optus. The telco allegedly misled around 20,000 customers over two years about the need to move quickly from its existing HFC network to the NBN.
3. Bad behaviour in Australian offices. A flow on effect from a combination low wage growth and restructuring.
4. The language a company uses in its job listings can reveal a lot about its culture. An analysis of job postings for Amazon, Facebook, and other tech giants.
5. Westfield’s new retail tech spinout OneMarket. How to take on Amazon online.
6. CHART: Australia is ageing slower than most countries.
7. A profit warning from Genworth. The company has been impacted by more cautious lending from the banks, meaning less demand for mortgage insurance.
8. The latest research. Diversity on boards doesn’t deliver the business success many expect.
9. The 50 best restaurants in Australia. The list, according to OpenTable.
