The S&P/ASX 200 (Index: ^AXJO)(ASX: XJO) and ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) finished higher on Wednesday, following the Federal Government's release of its 2017 Budget.
Here's a quick recap of global markets:
- FTSE 100 (UK): up 0.6%
- DAX (Germany): up 0.4%
- CAC 40 (France): up 0.3%
- Dow Jones (USA): down 0.2%
- NASDAQ (USA): down 0.1%
Here are today's key stats:
- ASX 200: up 0.6%
- All Ordinaries: up 0.6%
- Australian dollar (A$) (AUDUSD): 73.67 cents
- Gold price: down 0.5%
- Copper: up 0.5%
- WTI Crude Oil: down 0.7%
Weighing on the market today were shares of Australia's big banks. Unsurprisingly, the government's decision to introduce a bank tax has been strongly opposed by big bank executives.
- Commonwealth Bank of Australia (ASX: CBA) – down 0.35%
- Australia and New Zealand Banking Group (ASX: ANZ) – up 0.8%
- Westpac Banking Corp (ASX: WBC) – down 0.7%
- National Australia Bank Ltd. (ASX: NAB) – down 0.7%
- Macquarie Group Ltd (ASX: MQG) – down 0.6%
Amongst the worst-performing shares were CSR Limited (ASX: CSR). Despite a profit increase in its most recent financial year, investors appear spooked by the building products company's outlook.
Shares of Quintis Ltd (ASX: QIN), formerly TFS Corporation, fell 44% after the Indian sandalwood's board said it lost a key contract in December but was not aware until now.
Shares of minerals business South32 Ltd (ASX: S32) fell 2% after saying that production at Illawarra Metallurgical Coal would be at least 10% lower than previous guidance for its 2017 financial year.
At the other end of the market, Nanosonics Ltd. (ASX: NAN), a2 Milk Company Ltd (Australia) (ASX: A2M) and REA Group Limited (ASX: REA) were amongst the best performers.
Meanwhile, gold miner Northern Star Resources Ltd (ASX: NST) and iron ore producer Fortescue Metals Group Limited (ASX: FMG) were also amongst the best performers.
Here are today's top stories:
