Aust market finishes week up 2.6pc

Australian shares have finished higher for a fourth straight day, in a mostly quiet session that served as a break from recent extreme volatility.

The benchmark S&P/ASX200 index finished Friday up 25.2 points, or 0.42 per cent, at 6,057.9 points, while the All Ordinaries index gained 21.4 points, or 0.35 per cent, at 6,163.7.

“A little uneventful, a relatively quiet day,” said CommSec market analyst James Tao.

“Of course there is the US public holiday, the Fourth of July, which takes a little bit out of our market today,” Mr Tao said.

Wall Street, where the S&P 500 rose 0.4 per cent overnight, won’t resume trading until Monday.

For the week the ASX200 closed up 153.8 points, or 2.6 per cent, with Monday’s losses followed by four days of gains.

The index has only had four losing sessions in the past three weeks.

Energy, industrials and property collectively declined, while

Read More

VCs attack coverage, NY Times reporter Lorenz

A number of venture capitalists criticized how they are portrayed in journalism, specifically going after New York Times reporter Taylor Lorenz, in an audio social network site, reports Vice reporters Jason Koebler, Anna Merian and Joseph Cox.

Koebler, Merian and Cox report, “The exclusive users of Clubhouse on the call seemed to conceive of themselves as humble citizens preyed upon by corrupted elites cravenly lusting after money and power; this reached a bizarre apogee when Srinivasan boasted of standing up for the CEO of a scandal-plagued luggage brand, depicting her as all but powerless because of her relatively low Twitter follower count. The conversation essentially resembled a Gamergate chat, with people obsessing over minute drama and, at times, suggesting that Lorenz had crossed a line on Twitter and must be punished.

“‘How can there be an accountability function that’s implementable across all media that allows for that to happen, that

Read More

Demand for out of town office space is booming

Enquiries for out of town office locations have increased over the last month, as the appeal of car parking and the ability to social distance sees a shift from the city centres.

“I wouldn’t say people are deserting cities, but what we are seeing is a clear short-term spike in interest in office sites with car parking and smaller private office suites”, explains Jonathan Ratcliffe from Office Agency Offices.co.uk, “it’ll be interesting to see if this continues into the medium-term”.

The Post-Covid office market is quite different to what it was before. Employers are listening to what their staff are asking for, and there is a clear shift away from busy areas and public transport. Out of town sites are usually on the outskirts of town with good transport links, enjoy more green space and are ideal for those now driving to work.

“City centres are usually extremely poor

Read More

House price growth ‘turns negative for first time since 2012’

The annual rate of house price growth has turned negative for the first time since 2012, according to a closely-watched measure.

The Nationwide Building Society’s monthly index covering June showed average values falling by 0.1% year on year following a 1.4% decline on the previous month.

That followed a 1.7% fall during May – the largest monthly drop in 11 years as the country remained in hibernation during the second full month of the coronavirus crisis lockdown.

The government eased restrictions on the housing market in England in mid-May but data published by the Bank of England earlier this week showed the lowest number of mortgage approvals on record during that month as activity remained muted.

Nationwide’s chief economist, Robert Gardner, said a further easing of broader lockdown measures in the coming weeks was likely to lead to a slight pick-up in interest but the medium-term outlook remained highly uncertain

Read More

ASX gains 1.6% as Afterpay hits $68

The Australian stock market has hit its highest level since June 11, with gains across the board as Afterpay continued its stunning run by soaring 9.5 per cent to a new all-time high.

The benchmark S&P/ASX200 index finished up 98.3 points, or 1.66 per cent, at 6,032.7 points, in its best performance in two weeks.

The broader All Ordinaries index finished up 101.3 points, or 1.68 per cent higher, at 6,142.3.

“Clearly a reasonably strong day on the market today,” said SG Hiscock & Company portfolio manager Hamish Tadgell.

“It’s been driven by pretty broad gains across the market today,” Mr Tadgell said.

Mining was the only sector that didn’t join the rally, with goldminers taking a break after several days of strong gains and the diversified miners subdued.

Buy now, pay later giant Afterpay led the tech sector higher, closing at $68.16, up 133 per cent since the start

Read More