Fortescue Metals Leads ALL ORDINARIES Lower

Shares of miners like Fortescue Metals Group Limited (ASX: FMG) lead the Australian share market and  ALL ORDINARIES (INDEXASX: XAO)(ASX: XAO) index lower on Tuesday.

All Ordinaries: down 0.4% at 6,077 points

Here’s what was making waves on the Australian share market today.

All Ords Movers

• A2 Milk Company Ltd (ASX: A2M) – up 2.7%
• QBE Insurance Group Ltd (ASX: QBE) – up 1.3%
• Xero Limited (ASX: XRO) – up 3.1%

All Ords Losers

• Fortescue Metals Group – down 2.9%
• Rio Tinto Limited (ASX: RIO) – down 2%
• South32 Ltd (ASX: S32) – down 1.9%

Australian Investing News

In a somewhat slow news day, currency business OFX Group Ltd (ASX: OFX) released a trading update as part of its investor day presentation in Sydney. OFX Group revealed that transaction growth has continued from the first half of its 2018 financial year and into the second half; its fee and commission revenue remained stable; transaction values were up and it was experiencing positive momentum across all geographies. OFX Shares ended 7.6% higher according to Google Finance.

Making political and financial waves today was a speech by Labor leader Bill Shorten. Mr Shorten and the Labor party believe the ability of Australian shareholders to receive franking credit refunds could be costing the economy billions of dollars each year.

“Labor created dividend imputation, we understand its value and we will maintain it,” Mr Shorten’s speech in Sydney read. “Every dollar allocated to tidy little arrangements for people who already have millions of dollars is a dollar that can’t be used to repair the budget and bring Australia back to surplus.” 

The changes could have a significant impact on retirees and investors alike. You can read more here.

Shares in each of Australia’s big banks slipped into negative territory, with Commonwealth Bank of Australia (ASX: CBA) falling 0.4%.