AUSTRALIAN STOCKS HOLD ON TO GAINS: What you need to know

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Australian shares closed marginally higher.

Today’s scoreboard:

  • S&P ASX 200: 5,736.40 +3.22 +0.06%
  • All Ordinaries: 5,788.20 +3.57 +0.06%
  • AUD/USD: 0.7239 +0.0020 +0.28%

The local market stood still, holding on to most of the gains of Tuesday when it opened the week and the year with a strong run higher.

Today the major banks gained ground with the ANZ up 0.7% to close at $31.18.

BHP added 0.5% to $25.59 but Rio Tinto dropped 1% to $60.32.

The top stories:

1. Bellamy’s largest shareholder wants to gut the board. Singapore-based Black Prince Private Foundation, the largest shareholder in the troubled Tasmanian company, has moved to axe four of the company’s six directors.

2. Manufacturers just had a very good month. The latest Markit-JP Morgan global manufacturing purchasing managers index (PMI) just hit the highest level seen in years.

3. The Trump rally has its risks. But UBS says it’s not time to be contrarian on US stocks yet.

4. Soul Pattinson says its acquisition of Hunter Hall won’t mean a change of culture. Washington H. Soul Pattinson managing director Todd Barlow has brushed off concerns that its takeover bid for ethical investment manager Hunter Hall International is at odds with the investment conglomerate’s coal mining interests.

5. Australian tech leaders reveal what makes entrepreneurs different from employees. Many people daydream of packing in their day jobs and running their own startup. Some actually carry out their plans and even fewer succeed.

6. Indonesia suspends military cooperation with Australia. The move came after a special forces group was allegedly insulted while training at the Australian Special Air Service in Perth.

7. Satisfaction among Australian employees has dropped to a 6 year low. They are demotivated, not really keen to put much effort in and are looking around for a better opportunity.

8. Shares in Bubs Australia have more than doubled. It listed on Tuesday at 10 cents and the shares closed today at 20.7 cents.

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