AUSTRALIAN STOCKS HIT A 12 MONTH HIGH: What you need to know

Sprinters of Australia Women’s Cycling Track team practice at the Rio Olympic Velodrome. David Ramos/Getty Images

Australian stocks hit a one year high.

The scoreboard:

  • S&P ASX 200: 5,587.40 +25.04 +0.45%
  • All Ordinaries: 5,670.10 +26.14 +0.46%
  • AUD/USD: 0.7595 -0.0011 -0.14%

The local market bounced through the 5600 barrier of the ASX 200 for the first time since August 2015.

The index slipped back but still closed in positive territory, adding to last month’s 6.3% rise.

Seven out of ten sectors were higher, led by energy stocks which added 2.7% as a group.

Woodside Petroleum as up 1.9% to 427.040 and Santos 2.2% to $4.49.

The banks were mixed with the Commonwealth adding 0.8% to $77.98 but with the ANZ dropping 0.2% to close at $25.78.

The top stories:

1. What housing crash? Property prices in Sydney and Melbourne continue to roar. Also read: Australian new home sales surged by 8.2% in June.

2. A new judge. Here’s who will now lead the Northern Territory royal commission into juvenile detention.

3. Writedowns ahead. Fairfax Media plans to book a $989 million pre-tax impairment on its publishing assets. Fairfafx shares closed 1.9% down at $1.03.

4. Electronic gaming. Tabcorp, the Australia betting network, is expanding its non-traditional business through the $128 million acquisition of INTECQ Limited. Tabcorp shares closed 0.4% down at $4.87.

5. The cloud wars. MYOB is buying NZ’s Greentree to expand its mid-market business. MYOB shares closed 0.2% higher at $3.78.

6. It’s legal. Seriously ill people can be prescribed cannabis-based medicines in New South Wales under changes to the law that come into effect today.

7. The ASX has a new head. Dominic Stevens has been appointed managing director and CEO.

8. Foxtel has commissioned a new iQ3 set-top box. This will progressively fix bugs as the subscription television business prepares to add super-fast broadband to its bundles.

9. Stay healthy in the office. 7 ways to prevent eye strain and improve productivity.

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