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Telstra shares sink on NBN rollout delay

Telstra shares have sunk after NBN Co said it will temporarily suspend the national broadband network rollout so it can work on improving the quality of the service. The company tasked with building the NBN says it will suspend the rollout of the hybrid coaxial-fibre (HFC) network for six to nine months, from December 11,…

Coca-Cola shares up on buy rating upgrade

Shares in Coca-Cola Amatil have jumped after Citi analysts upgraded the company to a buy rating, forecasting a stabilisation in earnings from its Australian business and growth potential in Indonesia. Citi expects revenue growth from Coca-Cola’s Australia division to return in the 2018 financial year, citing an acceleration in new product launches, water pricing changes…

Auction clearance rate slows: CoreLogic

Australia has just had one of its busiest weeks of the year for homes going to auction but buyers are less enthusiastic, with the number of auctions resulting in sales well down on what is was a year ago. The number of homes that went under the hammer across all capital cities in the week…

Broo beer hits 12 month high on China deal

Shares in Aussie beer maker Broo have soared to their highest in a year on the back of a Chinese distribution deal. Broo shares jumped more than 30 per cent on Monday after the Victorian brewer said Jihua had agreed to pay for 1.5 billion litres of Broo Premium Lager over the next seven years….

$80m for NSW science, tech education

The NSW government will invest almost $80 million in science and technology education, Premier Gladys Berejiklian has announced. Speaking at Western Sydney University on Monday, Ms Berejiklian said the funding would be delivered over the next three years and help the state take ‘the next steps towards a 21st-century education system’. Ms Berejiklian said $23…

Downer shares soar on profit guidance lift

Shares in Downer EDI have jumped after the engineering group lifted its full-year profit because of larger-than-expected cost savings uncovered following its purchase of Spotless. Downer, which owns 87.8 per cent of the property services firm after a lengthy takeover struggle, upgraded its net profit guidance to $195 million from April’s $190 million following a…

Momentum builds for banking inquiry

Malcolm Turnbull is edging closer to an embarrassing defeat as he seeks to head off a commission of inquiry into the banks. Nationals senator Barry O’Sullivan has lodged a notice of motion in the Senate which would enable him to get “top priority” for his bill to set up an inquiry – with similar powers…

AAP Markets Report

Stock Market Wrap 0800 INDEX LAST MOVE PREVIOUS Dow Jones 23557.99 31.81 23526.18 S&P500 2602.42 5.34 2597.08 Nasdaq 6889.16 21.799 6867.361 FTSE100 7409.64 -7.6 7417.24 DAX 13059.84 51.29 13008.55 Shanghai 3353.8207 1.9025 3351.9182 Hang Seng 29866.32 158.38 29707.94 NIKKEI225 22550.85 27.7 22523.15 NZSE 50 8130.29 28.34 8101.95 CURRENCY SNAPSHOT AT 0700 AEDT: One Australian dollar…

Stocks to watch

Stocks to watch on the Australian stock exchange: DOW – DOWNER EDI – up 34 cents, or 5.1 per cent, at $7.07 SPO – SPOTLESS – down one cent, or 0.9 per cent, at $1.10 Engineering group Downer EDI has upgraded its full-year profit guidance after identifying larger-than-expected cost savings as it integrates its 87.8…

ASX scrapes higher as Macquarie hits $100

The Australian share market has closed slightly higher following a late burst in buying that lifted the market out of a midday trough. The benchmark S&P/ASX200 stock index closed up 6.2 points, or 0.1 per cent, at 5,988.8 points on Monday, as shares in the investment bank Macquarie breached the $100 mark for the first…