Australian stocks closed marginally higher.
- S&P ASX 200: 5,424.20 +10.57 +0.20%
- All Ordinaries: 5,521.10 +10.68 +0.19%
- AUD/USD: 0.7684 -0.0004 -0.05%
The local market stumbled to a positive but weak close with the ASX 200 keeping its nose above the 5400 point mark.
The major banks added weight with Westpac returning to above $30 a share, closing 1.6% higher at $30.07. The Commonwealth was 1.1% higher at $72.56.
BHP dropped 0.29% to $20.50 and Fortescue Metals lost almost 3.5% to close at $4.99.
Gold miners surged on higher prices for the precious metal. Newcrest closed 3% higher at $23.32 and Northern Star 8% to $4.52.
Paradigm Biopharmaceuticals shares jumped 7% to $0.52 after a study showed its drug had potential for the treatment of arthritis.
The top stories:
1. Another strong quarter. Australia has now gone 25 years without being in recession.
2. The right wave. How Australia rode an endless summer of economic growth.
3. Supermarkets losing out. Weak wages growth is squeezing retail sales of food, according to analysis by Deloitte Access Economics.
4. Internet of Things. Xped Limited has appointed Martin Despain, a former Intel executive, as managing director. Its shares rose more than 14% to $0.04.
5. The deal is done. NZME Limited, the former APN newspaper business in New Zealand, and Australia’s Fairfax Media have formally signed an agreement to merge their assets there. NZME closed 4% higher on the ASX to close at $0.75. Fairfax Media shares were down 0.5% to $0.97.
6. Inheriting the entrepreneur spirit. Scientists are studying whether genes hold the secret to business success.
7. PHOTOS. The first look inside KPMG’s new offices at Barangaroo.
8. The search for returns. Fund managers from poor families deliver higher returns than those who grew up in wealthy households, according to the latest research.
9. A champion jam-maker. Lessons this startup founder learned after winning Best Marmalade at the Perth Royal Show with his gran.
10. One of the most significant projects on gender equality ever undertaken in Australia. The four pillars critical to supporting working women in Australia
Business Insider Emails & Alerts
Site highlights each day to your inbox.