Australian stocks closed the session, and the week, ahead.
- S&P ASX 200: 5,431.30 +56.84 +1.06%
- All Ordinaries: 5,518.60 +52.28 +0.96%
- AUD/USD: 0.7649 +0.0006 +0.08%
The local market surged to close the week ahead by 2.5% on the back of a stronger Wall Street where the S&P 500 closed 0.7% ahead.
The ASX 200 was back above 5400 points with all sectors showing green.
The banks were the main driver of the local rally. Westpac broke back through $30 a share to close at $30.32, up 1.2%. The NAB added 1.7% to close at $28.00 and the ANZ 1.3% to $27.59.
BHP added 1.2% to close at $21.53 and Rio Tinto 1.7% to $50.07.
The top stories:
1. An extraordinary number of high rise apartments. Westpac’s Bill Evans says there’s huge uncertainty in some Australian apartment markets.
2. The Ausgrid selloff. A consortium of superannuation funds, IFM Investors and AustralianSuper, has made an unsolicited bid to acquire a 50.4% interest in a 99-year lease.
3. The ASX outage on Monday. An initial investigation into the cause of the major outage at the ASX on Monday has found the failure was caused by hardware supporting the database behind trading.
4. Human flourishing. Bob Easton, the new managing director of Accenture in Australia and New Zealand, is also finishing a PhD on the subject.
5. The jobs outlook. Full-time work is much harder to find in Australia’s east coast regional cities.
6. What are they really doing? Australians employees are silently quitting in their seats, putting in less intense effort into their work, according to latest research.
7. Are those online reviews real? The ACCC steps in. The consumer watchdog is investigating whether customer reviews for “sharing economy” companies such as Uber and Airbnb are legitimate as part of an investigation into the sector.
8. Beware the sensible-sounding but vacuous phrase. Among the 2016 Ig Nobel Prizes awarded today is one to a group of researchers for a study on the detection of bullshit.
9. A nightmare. Watch as the cabin of this Jetstar flight fills with smoke, forcing it to land.
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