Aust stocks close flat

Local bourse moves sideways following govt scrapping of proposed super, tax changes.

The Australian stock market has recovered from earlier losses to close flat after the federal government announced it would scrap proposed superannuation and fringe benefits tax reforms put forward by the previous Labor government.

At the official market close of 1615 AEDT, the benchmark S&P/ASX200 index edged up 0.03% to 5,433.8 points, while the broader All Ordinaries index was 0.01% higher at 5,426 points.

IG market strategist Stan Shamu said it was surprising the market had not rallied given a number of top ASX companies were due to go ex-dividend in the next couple of days.

"Given nearly 20 points come out of the market tomorrow and over 11 points on Friday as heavyweights such as ANZ Bank Ltd, National Australia Bank Ltd and Westpac Banking Corporation Ltd go ex-dividend, I would have expected to see some last-minute buying in some of these names," he said.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles