Australian stocks cruised to a positive close for the seventh session in a row.
- S&P ASX 200: 5,429.60 +17.99 +0.33%
- All Ordinaries: 5,510.10 +18.28 +0.33%
- AUD/USD: 0.7632 +0.0001 +0.01%
The local market gained ground again, with the ASX 200 adding 3.8% over the week to hit an 11-month high.
Stocks made modest gains today with seven out of ten sectors ahead. The banks led the pack, Westpac closed 1% higher at $30.11 and the NAB 0.9% to $25.91.
The big miners were flat and energy stocks weakened. BHP closed just 0.15% higher at $20.37 and Woodside Petroleum lost 0.26% to close at $26.68.
The top stories Friday:
1. The Surfstitch restructure. The first chairman of the online clothing group is stepping down. Its shares closed 2.7% higher at $0.19.
2. Insider trading. Oliver Curtis will appeal his conviction.
3. Pressure on airlines. Deutsche Bank has just cut its earnings assumptions for Qantas as domestic demand for plane seats slips and oil prices rise.
4. PODCAST: With Warren Hogan on Australia’s economic future, the RBA, global stock highs and more.
5. Department store sales. David Jones sales is crushing the competition.
6. A good deck. An expert in presentations shares the 3 things he’s learned about effective communication.