The S&P/ASX 200 (INDEXASX: XJO) (^AXJO) and All Ordinaries (INDEXASX: XAO)(^AORD) indices ended higher on Wednesday, according to Yahoo! Finance.
All Ordinaries: up 0.4% at 5,956 points
ASX 200: up 0.3% at 5,861 points
ASX Movers
- BlueScope Steel Ltd (ASX: BSL) – up 4.1%
- South32 Ltd (ASX: S32) – up 2.5%
- Wisetech Global Ltd (ASX: WTC) – up 6.9%
ASX Losers
- Link Administration Ltd (ASX: LNK) – down 4.4%
- AMP Limited (ASX: AMP) – down 2.2%
- Cimic Group Ltd (ASX: CIM) – down 1.5%
Australian Investing News
Making news in Australia and on the ASX 200, shares in financial advisory business AMP continued to fall after it was revealed this week that the company chose shareholders over clients. During a Royal Commission hearing, the ABC reported that AMP’s head of financial advice, “lost count of the number of times the company misled corporate regulator ASIC over charging customers fees for no service.”
Read: Royal Commission Takes Aim At CBA, AMP, Westpac, NAB and ANZ
Shares of Rio Tinto Limited (ASX: RIO) ended 1.1% higher today following the release of its first-quarter production results. For the first three months of its 2018 financial year, Rio Tinto produced 83.1 million tonnes of iron ore, 12.6 million tonnes of bauxite and 139,300 kilotonnes of copper, up 8%, 12% and 65%, respectively (compared to the same period in 2017).
Finally, shares of National Australia Bank Ltd. (ASX: NAB) and CYBG plc (ASX: CYB) ended 0.2% and 6.7% lower, respectively. This morning, CYBG announced that it expects to increase the provision for its legacy PPI costs, as at 31 March 2018, by £350 million — subject to a finalisation of its half-year financial results.
NAB, which owned CYBG until 2016, previously put in place measures to help CYBG with legacy PPI claims made by its customers and will front up for some of today’s increased provisions.
Read more: More Bad News For NAB and CYBG As PPI Costs Mount
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