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AUSTRALIAN STOCKS HIT A 10-YEAR HIGH: Here's what you need to know

Members of the Australian Light Horse association ride through Beersheba, in the northern Israeli desert, ahead of a reenactment of the historical fight when ANZAC forces captured the city from the Ottoman Empire during the First World War. Menahem Kahana/AFP/Getty Images

Australian stocks closed higher.

Today’s scoreboard:

  • ASX200: 5,937.80 +28.78 +0.49%
  • All Ordinaries: 6,005.50 +29.10 +0.49%
  • AUD/USD: 0.7659 +0.0003 +0.04%

The ASX All Ordinaries broke through the 600 point mark for the first time in ten years.

The ASX200 hasn’t quite hit its own 6000 point summit yet, with about 60 points to go.

The rally today was being led by the big miners.

BHP was 1.5% higher at $26.95 and Rio Tinto 0.8% to $70.01.

The major banks also gained ground, with Westpac up 0.6% to $33.20.

Top stories:

1. Is the housing boom over? Australian house price growth stalled in October, according to data from CoreLogic.

2. Sydney house prices just saw their biggest drop in 18 months. And more falls are expected.

3. ASIC closes Harvey Norman investigation. The inquiry was focused on Harvey Norman’s accounting treatment of franchisee stores. Harvey Norman shares closed at $3.99, up 5.5%,

4. Shrinking sales. In the 13 weeks to Saturday, October 28, Myer recorded a 2.8% drop in sales to $699 million. Also read: Myer has reset its strategy. Its shares fell 4.5% to close at $0.73.

5. CSR says the high-rise apartment market has slowed. The building products group posted a 4% rise in net profit to $118.7 million for the half year to September. CSR shares closed at $4.48, down 4.5%.

6. Energy costs start to bite. Australia’s manufacturing sector is slowing.

7. Climbing Uluru will be banned from 2019. The Uluru-Kata Tjuta National Park Board voted unanimously to ban the practice.

8. Helping banks fight off the likes of eBay and PayPal. Fintech Trade Ledger is out to challenge a financial model that has been around for hundreds of years — that a business credit application is assessed by looking at the assets held by the applicant.

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