Australian stocks closed higher.
Here’s the scoreboard:
- S&P ASX 200: 4,821.10 +45.42 +0.95%
- All Ordinaries: 4,870.80 +44.31 +0.92%
- AUD/USD: 0.7091 -0.0005 -0.07%
Local shares ended a run of hard falls after better signs from offshore markets. The ASX 200, however, is still down 3% this week and almost 9% from the start of 2016.
The European market rose for the first time in more than a week with the banking sector leading the rally and Wall Street was flat.
The major banks, hammered in the global banking selloff, closed higher. The ANZ added 1.29% to $22.71 and the Commonwealth was up just 0.14% to $74.30.
Energy stocks, battered by falling oil prices, had a better day. Santos was up 2.35% to $3.05.
The top stories Thursday:
1. Strongest since 2010. Virgin Australia, which has returned to trading in the black after a long seat battle with Qantas, has just posted a $62.5 million half year profit compared to a loss of $47.8 million the year before. However, the airline’s shares closed 6% down to $0.46.
2. A media startup. This is what the sons of two Australian media executives learned about starting a business in their fathers’ world.
3. Floods and fires. Suncorp’s half year profits were dragged down by bigger than expected insurance payouts for natural disasters.
4. Another $100 stock. Shares in Cochlear soared after a weaker Australian dollar helped the bionic ear company lift half year profit by 32% to $94.03 million. The shares closed at $104.05, up more than 14%.
5. Quickflix’s next step. The Australian grown Netflix competitor which started as a popular DVD library has one more major hurdle before it has a chance of thriving again in Australia’s now extremely competitive streaming media market.
6. Doubled in a decade. Melbourne property owners have a lot to be happy about, particularly those who have owned their properties for a long period of time.
7. Is my job safe? Australian workers are now more worried about losing their jobs than at any time since Malcolm Turnbull became prime minister. Also read: Low wage growth in Australia may be here to stay
8. Piracy case is over. The copyright holders of Dallas Buyers Club will drop legal proceedings against ISP iiNet and its customers over illegal downloading of the movie, bringing an end to the nearly two year battle.
9. Investing blues. This huge global fund manager says most Australian stock investors are getting this one thing wrong.
10. We have a new hero. Iron Boy is Australia’s own superhero and he’s fighting crime in Sydney.