Breaking news

Watchdog ASIC cracks down on loan fraud

The corporate watchdog says it has secured 15 criminal convictions and 80 bans over loan fraud, as it seeks to crack down on dodgy advisers. But Australian Securities and Investments Commission acting chairman Peter Kell says more needs to be done to ensure the worst culprits don’t pop up elsewhere in the financial services industry….

Energy, health stocks lift Aust shares

The Australian share market has closed higher, led by the healthcare and energy sectors, while the under- pressure banks faded after an early rally as the looming royal commission weighs on the financial sector. The benchmark S&P/ASX200 stock index finished Friday 0.3 per cent higher at 5,989.8 points after investors pushed briefly past the 6,000…

Downgrade sucks Godfreys to all-time low

Shares in vacuum cleaner retailer Godfreys have plunged to an all-time low after the company cut its earnings forecast due to weaker-than-expected sales and delays in its franchise rollout. Godfreys has warned its 2017/18 earnings will be $3.5 million to $4 million lower than previously forecast because of delays in conversions of company stores to…

Manufacturing growth rebounds in November

Growth in Australia’s manufacturing sector jumped in November, bouncing back from two months of slower expansion that coincided with the closure of the Holden and Toyota car plants. The Australian Industry Group’s Australian Performance of Manufacturing Index rose by 6.2 points to 57.3 points in November – well above the 50-point level separating expansion from…

Telstra cuts FY18 guidance on NBN delay

Telstra has cut its full-year guidance for earnings and revenue, blaming the temporary suspension of the national broadband network HFC rollout by NBN Co for impacting its financials. The telco giant has reduced its 2017/18 revenue estimate by $700 million, and is now forecasting full-year revenue to be between $27.6 billion and $29.5 billion. Earnings…

AAP Markets Report

Stock Market Wrap 0700 INDEX LAST MOVE PREVIOUS Dow Jones 24249.27 308.59 23940.68 S&P500 2649.69 23.62 2626.07 Nasdaq 6873.461 49.119 6824.342 FTSE100 7326.67 -66.89 7393.56 DAX 13023.98 -37.89 13061.87 Shanghai 3317.577 -20.285 3337.862 Hang Seng 29177.35 -446.48 29623.83 NIKKEI225 22724.96 127.76 22597.2 NZSE 50 8186.82 44.86 8130.29 CURRENCY SNAPSHOT AT 0700 AEDT: One Australian dollar…

Stocks to watch

Stocks to watch on the Australian stock exchange: ANZ – ANZ BANKING GROUP – up 16 cents, or 0.6 per cent, at $28.62 CBA – COMMONWEALTH BANK OF AUSTRALIA – down 26 cents, or 0.3 per cent, at $79.17 ANZ rebounded strongly on Friday, following Prime Minister Malcolm Turnbull’s announcement of a royal commission into…

Aust shares set to follow US, open higher

The Australian share market looks set to open higher after upbeat sentiment over tax reform legislation passing the Senate pushes Wall Street’s Dow Jones through 24,000 points for the first time. At 0700 AEDT on Friday, the share price futures index was up 19 points, or 0.32 per cent, at 6,005. In the US, Wall…

$A once again drops against $US

The Australian dollar has again fallen against its US counterpart after Thursday recouping some of its previous day’s losses. At 0635 AEDT on Friday, the Australian dollar was worth 75.63 US cents, down from 75.90 US cents on Thursday. Westpac’s Imre Speizer says sentiment has been upbeat in the US with wall Street’s S&P500 up…

The Week Ahead

The month of December begins in Australia with the Reserve Bank meeting, economic growth, retail and international trade data being released. The US employment report, together with China inflation and trade data feature overseas.Originally published by Ryan Felsman, Senior Economist, CommSec