AUSTRALIAN STOCKS FLY ON GLOBAL RALLY: What you need to know

Jeoffrey Maitem/Getty Images

Australian stocks closed higher.

Today’s scoreboard:

  • S&P ASX 200: 5,413.30 +61.96 +1.16%
  • All Ordinaries: 5,480.60 +61.25 +1.13%
  • AUD/USD: 0.7398 +0.0029 +0.39%

The local market ripped higher on the back of a global rally with Wall Street’s S&P500 closing 0.8% higher overnight.

The ASX200 broke back through the 5400 points level again with all sectors in the green.

BHP, up 3.95% to $25.24, led the market higher after a surge in commodity prices.

Energy producer Woodside Petroleum was up 2.3% to $30.50 and pure play iron ore miner Fortescue Metals 6.8% to $6.12.

Myer added another 5.8% to close at $1.27, adding to its run since announcing last week that it expects profits to start growing again this financial year. Its shares are up 25% in less than one week.

Billabong shares sureged more than 9% to closed at $1.18 after the surfwear retailer told its AGM of encouraging signs coming from the US market.

Monadelphous was up 6% to $11.00 after the engineering company announced $200 million of new work, an expanded deal with Sydney Water and an upgrade to a sewage plant in Queensland.

Technology One added 11% to close at $5.890 after the enterprise software company posted a better than expected 16% rise in full year profit to $41.34 million.

The top stories:

1. Revenue at a2 Milk company up again. Revenue was $NZ155.2 million ($A148 million) for the first four months of the financial year, up 96% on the same period last year. Its shares closed 11% higher at $2.11.

2. A potential ratings downgrade for Australia. Standard and Poor’s (S&P) continues to sound a warning after earlier putting the sovereign credit rating on negative watch.

3. Two die and thousands fall sick in Melbourne. A major storm appears to have caused a mass outbreak of an illness known as “thunderstorm asthma”.

4. New protections for whistleblowers. This is Nick Xenophon’s deal with the coalition government.

5. Australians haven’t got any richer over the last 12 months. Here are the 10 countries with the highest average wealth.

6. Your iPhone is silently uploading your metadata. A researcher has found that Apple secretly uploads a record of who you telephoned, when you called and how long you spoke.

7. Trump will dump the Trans-Pacific Partnership deal on his first day on the job. He made the comment in a video detailing what he will do when he starts as president on January 20.

8. Millennials aren’t that interested in being the boss. Millennials don’t want to slave away to get to the top of the corporate ladder to manage others.

9. The Australian concept for Elon Musk’s Hyperloop. Tesla founder Elon Musk dreams of a levitating pod transporting people and cargo at 1,200km/h.

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