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

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Australian stocks surged to a post-Brexit contagion high today but ended the financial year in negative territory.

The scoreboard:

  • S&P ASX 200: 5,233.38 +90.98 +1.77%
  • All Ordinaries: 5,310.40 +89.39 +1.71%
  • AUD/USD: 0.7419 -0.0032 -0.43%

The ASX 200 broke back through the key 5200 point support level as the local market ran higher, supported by a global rally after several sessions of hammering from Britain’s vote to leave the European Union.

Local investors followed the FTSE in London which added 3.6% and Wall Street where the S&P500 closed 1.7% higher.

However, the ASX 200 is down more than 4% over the 12 months to today, the last trading session of the 2016 financial year.

Today major banks and the big miners headed the charge. The NAB was up 2.79% to $25.43 and BHP added 1.9% to $18.65.

The top stories Thursday:

1. Dollar Blues. The ANZ reckons the Australian dollar will tumble 11%, thanks in part to Brexit.

2. CEO insight. What it’s like to spend the night sleeping rough in a cardboard box.

3. Better adventure clothing profits ahead. Kathmandu forecasts a 60% to 70% rise in full year net profit. Its shares closed 17% higher at $1.465.

4. More generic drugs. Mayne Pharma Group has pulled in $634 million from institutions in an equity capital raising to pay for the acquisition of a range of generic drugs approved for the US market. Its shares closed 28% higher at $1.905.

5. What happens after the election? We may get another 3 years of fiscal policy paralysis. Also read: Malcolm Turnbull is campaigning for his old foe Tony Abbott.

6. Explaining Drunkorexia. An increasing issue for female Australian university students.

7. SHORT STACK. APN News and Media has had a big build-up in shorts.

8. Fine food. Mark Best’s final Marque menu shows how profound his influence as a chef has been.

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