Welcome to Monday and the start of a new week. Here are the five things I’m looking at today on the Australian sharemarket.
- The S&P/ ASX 200 Index (Index: ^AXJO) (ASX: XJO) has opened flat, despite strong leads from offshore markets. The Dow Jones Industrial Average gained 0.4%, while the broader S&P 500 added 0.5%. Blue chips CSL Limited (ASX: CSL) and Insurance Australia Group Ltd (ASX: IAG) both went ex-dividend today, also helping to drag on the market.
- In what seems to be a recurring theme, and not a good sign for junior iron ore miners, the iron ore price fell a further 0.8% to US$83.60 a tonne on Friday. The falling price has already claimed a number of smaller iron ore miners, with Western Desert Resources Ltd (ASX: WDR) the latest to collapse. That follows the collapse of Termite Resources – 51% owned by ASX-listed IMX Resources Ltd (ASX: IXR) in June this year.
BC Iron Limited (ASX: BCI) has dropped 2.7% in early trade, and is down near 20% in the past five business days alone – suggesting investors are most concerned about this company.
- Billabong International Ltd (ASX: BBG) has completed the sale of its 51% stake in online retailer Surfstitch.com and its 100% ownership of Swell.com, as it continues its turnaround strategy. Billabong shares are up 3.9% at 67 cents in early trade.
- Tweet of the Day.
— Claude Walker (@claudedwalker) September 7, 2014
Some interesting investing ideas for Foolish investors.
- Stock of the Day – brought to you by Peter Stephens – REA Group Limited (ASX: REA). Peter thinks there are some valid reasons to buy into one of Australia’s most successful businesses over the past decade. You can read more here.
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Motley Fool writer/analyst Mike King owns shares in CSL. You can follow Mike on Twitter @TMFKinga
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