AUSTRALIAN STOCKS GO NOWHERE: Here's what you need to know

Chris J Ratcliffe/AFP/Getty Images

Australian stocks closed marginally higher.

Today’s scoreboard:

  • ASX200: 5,988.80 +6.25 +0.10%
  • All Ordinaries: 6,070.40 +7.26 +0.12%
  • AUD/USD: 0.7602 -0.0014 -0.18%

The local market broke through the key 6000 point mark on the ASX200 but dropped back again to close flat.

The major banks and the big miners hardly moved.

Macquarie Group shares joined to $100 club.

Engineering group Downer EDI was up 5% to $7.07 after upgrading its profit guidance.

Top stories:

1. The rise of Woolworths isn’t over yet. Analysis by Deutsche Bank on its annual Battle for Baskets survey.

2. The NBN put one of the most profitable parts of its business on hold. The roll-out of high-speed broadband via the old Pay TV network has been canned.

3. The relentless growth of the ultra rich. The number of ultra-high net worth (UHNW) individuals in Australia (those with a net worth of $US50 million ($A65.5 million)) jumped by 30% to almost 3,000.

4. An Australian billionaire just bought a $60 million stake in the owner of Athlete’s Foot. Brett Blundy is now the biggest shareholder of RCG Corporation Limited. RCG shares closed at $0.89, up 12.6%.

5. An Australian beer company in a $120 million deal with China. Broo Limited announced a distribution partnership for its premium lager beer. Broo shares closed 30% higher at $0.385.

6. Many shoppers who already buy their groceries online aren’t that keen to use Amazon. A Deutsche Bank survey of 2,400 people found a third of shoppers who currently get groceries online said they would not buy from Amazon.

7. How Amazon could change Australian shopping habits forever. A personal report.

8. Bali flights cancelled. A massive volcano eruption.

9. The “world’s most entertaining police recruitment video”. New Zealand Police released a hilarious new video.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.