Australian stocks closed marginally higher.
Here’s the scoreboard:
- S&P ASX 200: 5,183.10 +14.95 +0.29%
- All Ordinaries: 5,239.30 +12.93 +0.25%
- AUD/USD: 0.7640 -0.0008 -0.10%
The ASX 200 added just 0.3% this week but is up 6.2% this month. The losses since the start of 2016 have narrowed to just 2.1%.
Today mining stocks held the market higher after a rally in commodities. BHP added 4.6% to $18.10. Fortescue Metals was riding 3.7% higher at $2.750.
The major banks were mixed with the Commonwealth up 1% to $78.16 and Westpac 0.03% weaker at $32.68.
The top stories Friday:
1. Rags making riches. Growth from high margin brands Peter Alexander and Smiggle helped Premier Investments to a half year profit of $71.5 million, a 25.9% increase. Also read: Solomon Lew is making a fortune out of Australian parents trying to keep their kids happy. Premier shares closed 4% higher at $15.31.
2. A stake in Southern Cross Media. Nine takes a strategic foothold in regional television and national radio, positioning itself for the Turnbull government’s proposed changes to media ownership laws. Southern Cross closed 4% lower at $1.13. Nine was 2.5% higher at $1.61.
3. A furniture empire. The family behind Nick Scali could be about to sell down. Its shares went into a trading halt.
4. Strategically important. Rules about the sale of critical infrastructure, such as the port of Darwin, recently leased to a Chinese company, have been tightened under new foreign ownership rules.
5. Coming to Brisbane soon. Domino’s now has a pizza delivery robot with a military background.
6. It’s coming. Here’s the best explainer we’ve heard on how Australia’s apartment boom could bust, and soon.
7. The battle for control of the Australian Senate. The loophole that let Ricky Muir enter the Senate on less than 1% of the vote has been closed.
8. Telstra offers another free data Sunday. Australia’s biggest mobile network went down last night for the second time in a month. Telstra shares closed down 0.7% to $5.22.
9. Photos from inside. SurveyMonkey’s new Asia-Pacific HQ in Sydney.
10. It’s love at second swipe. The secret to finding a perfect Tinder match?