AUSTRALIAN STOCKS END THE WEEK DOWN: Here's what you need to know

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Australian stocks closed the session higher but ended the week lower.

Today’s scoreboard:

  • ASX200: 5,957.30 +13.79 +0.23%
  • All Ordinaries: 6,038.30 +14.76 +0.25%
  • AUD/USD: 0.7572 -0.0016 -0.21%

The local market surged ahead today but the ASX200 closed the week about 1% lower over the five days.

Today the major banks did the heavy lifting with the ANZ 0.58% higher at $29.46.

Oil prices were weaker but Santos was up 1.2% to $5.01, in the aftermath of reports that a US consortium was interested in the Australian energy producer.

Blood products group CSl was up 1% to $142.11.

Pure-play online retailer Kogan.com jumped 12.6% to $4.29 after a trading update showed strong growth in the first four months of the financial year.

Virgin Australia was up 15.2% to $0.265 after a fund manager praised the airline’c cost cutting.

Top stories:

1. Another worrying sign for Australia’s struggling retail sector. The Commonwealth Bank’s monthly spending index.

2. The $11 billion Tabcorp and Tatts merger has been approved. The Australian Competition Tribunal found the merger would have a substantial benefit. Tabcorp shares were up 4.8% to $4.98 and Tatts 2.3% to $4.39.

3. 5 amazing jobs in Australia you can apply for right now. The Christmas-New Year holiday season approaches and along with it comes increase demand for casual and temporary workers.

4. Bitcoin bursts through $US8,000. The world’s biggest cryptocurrency crashed through the barrier for the first time on major trading exchanges.

5. An app for that. This one judges if a person can legally work in Australia.

6. A new Australian auction price for the work of a female artist. $2.1 million for a work by the late Aboriginal artist Emily Kame Kngwarreye.

7. The 10 biggest capital raises by Australian startups last quarter. Venture capital and research firm Right Click Capital reports on startup activity.

8. PODCAST: Weak wages, global uncertainty, and the crypto craze.

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