Australian stocks closed the session, and the week, marginally higher.
- ASX 200: 5,799.60 +13.81 +0.24%
- All Ordinaries: 5,841.20 +13.75 +0.24%
- AUD/USD: 0.7685 +0.0008 +0.10%
The local market made its run on the final day of the week, breaking through the key 5800 point level of the ASX200 but slipping back again just before the close.
The index closed the week 0.4% higher.
The banks switched to positive territory with Westpac 1.1% higher at $34.65.
But the miners were mixed with Rio Tinto 1.19% higher at $62.93 and BHP down 1.1% to $24.84.
Myer regained the ground it lost Thursday when releasing its latest results showing weak sales but healthy profit growth. They close at $1.135, up 5%.
The top stories:
1. Slater and Gordon is about to get new owners. Most of the debt of troubled law firm has been sold off at a substantial discount and is set to be swapped for equity. Slater and Gordon shares added 46% to close at$0.13.
2. All the proof you need. Investors are smashing first-home buyers out of Australia’s housing market.
3. ASIC’s must-do-better report on the banks. Australia’s banks, despite assurances of stricter controls, still have problems with the way they manage their financial advisers.
4. MGC Pharma just raised $10 million. The Medical cannabis company will sue the cash to develop new products and look for acquisitions.
5. Renting is getting a taste of disruption. Australia’s rental market can’t avoid an overhaul any longer.
6. Using super for a housing deposit won’t help affordability. Shane Oliver, chief economist at AMP Capital, says affordability will only be improved by increased supply and through taxation reforms.
7. A giant office and train precinct spanning Sydney’s Martin Place. Macquarie Bank wants to turn the area surrounding its historic Sydney HQ into a massive integrated office development
8. Westpac increases rates for owner occupier loans. The bank has followed the NAB by lifting mortgage rates for home owners and property investors.
9. A Hong Kong jewellery business buys into Australian energy. Chow Tai Fook Enterprise is paying multi-billions of dollars for Western Australia’s largest gas retailer, Alinta.
10. PODCAST: Spaceship super, property prices, the Fed, and Australian jobs.