• The ASX 50 rises 0.11% but ASX 200 is flat
  • ABS say buildings approval in January hit a ten-year low
  • Building approval data is used to monitor economic activity and investment 

 

Aussie shares finished flat on today despite opening higher this morning, but the ASX50 managed to rise 0.11%.

Only 2 of the underlying sectors are higher and 9 are lower, with the Materials sector rallying by 2.85%, while Financials lost 1.81%.

The Australian Bureau of Statistics have released buildings approval data for January, which hit a ten year low.

The total number of dwellings approved for the month fell 27.6% compared to a 15.3% increase in December. 

Why is this data important? Because building approval statistics are used by both public and private sector organisations to monitor economic activity, employment and investment.

“Approvals for private sector houses fell by 13.8 per cent, the fifth consecutive drop, to be the lowest result recorded since June 2012,” ABS head of construction statistics Daniel Rossi said.

“The more volatile, private sector dwellings excluding houses series, fell 40.8 per cent, following a 41.9 per cent rise in December.”

 

BIG CAP WINNERS

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The biggest winner was South32 (ASX:S32), which is in the midst of a buyback that will put a dent in the company’s Christmas budget.

It wrapped up trading around the $4.69 mark as shareholders seek to wring maximum value out of the process.

Mineral Resources (ASX:MIN) increased its stake in Norwest Energy (ASX:NWE) from 68.34% to 69.98%. 

And Whitehaven Coal (ASX:WHC) is also mid-buyback.

 

BIG CAP LOSERS

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