AUSTRALIAN STOCKS END THE WEEK AHEAD: What you need to know

Australia’s Curtis McGrath celebrates after he competes during Day 2 of the European Canoe Sprint Olympic Qualifying in Duisburg, North Rhine-Westphalia. Dean Mouhtaropoulos/Getty Images

Australian stocks ended the day, and the week, higher.

Here’s the scoreboard:

  • S&P ASX 200: 5,351.30 +27.96 +0.53%
  • All Ordinaries: 5,415.20 +29.64 +0.55%
  • AUD/USD: 0.7239 +0.0011 +0.15%

The local market, shrugging off a weaker Wall Street where the S&P 500 index closed down 0.4%, added weight.

The ASX 200 ended the week, its sixth straight rise, just 0.4% ahead and has added 1.9% so far this month.

Resources stocks led today’s rally. Fortescue was up 3% to $3.03, Rio 1.69% to $45.04 and Santos 2.6% to $4.34.

Financial stocks followed with the ANZ up 0.7% to $25.09 and AMP 0.9% to $5.54.

Webjet shares closed 10.3% higher at $6.48 after announcing it expects growth of about 28%.

The top stories Friday:

1. Why is inflation so week in Australia? HSBC thinks there’s a simple explanation.

2. Australia’s stock market no longer looks cheap. Credit Suisse: “We are taking profits and changing our outperform view to neutral.”

3. The Good Guys battle. Now Gerry Harvey wants a piece. Harvey Norman shares closed 1.7% higher at $4.66.

4. Another outage. Telstra joined its major rivals in crashing overnight, with its NBN and ADSL voice and data services knocked out.

5. Big gas business. Oil Search is buying rival InterOil Corp for $US2.2 billion ($A3 billion) in a deal which will create a massive independent oil and gas group in Papua New Guinea. Oil Search shares were down 1.1% to $6.830.

6. The latest on Quickflix. Investors won’t know if their shares are worth anything for another 6 months.

7. Myer stores start closing. Part of the new strategy, Wollongong and Orange in New South Wales are going with combined staff of about 130. Myer shares were up 1.2% to $1.205.

8. More cash for cannabis. MGC Pharmaceuticals, which is building a medical cannabis business in Australia, closed a $2.5 million equity raising oversubscribed. Its shares jumped 18% to $0.052.

9. Another record. Australians are finally getting their working hours under control.

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