AUSTRALIAN STOCKS HOLD THE HIGH GROUND: Here's what you need to know

At the end of the day at the Melbourne Cup Day. Wayne Taylor/Getty Images for the VRC

Australian stocks closed marginally ahead, just hanging on to their highest point since the GFC.

Today’s scoreboard:

  • ASX200: 6,016.30 +1.96 +0.03%
  • All Ordinaries: 6,089.10 +1.74 +0.03%
  • AUD/USD: 0.7652 +0.0009 +0.12%

The ASX200 index maintained the 6000 point position reached yesterday, mainly due to the Commonwealth Bank which closed 2.6% higher at $80.27 after releasing its quarterly trading update.

The miners, which yesterday carried the market to an almost decade high, today lost weight. BHP was down 0.9% to $28.49 and Woodside Petroleum 1.3% to $32.85.

BT Investment dropped 5.7% to $10.30 despite posting a 4% rise in full year profit to $147.5 million.

Vitamin maker Blackmores was up 3.8% to $168.83.

Retailer Harvey Norman was up 2.4% to $3.77 but department store Myer shed 2.6% to close at $0.72.

Airline Virgin Australia was 12.8% higher at $0.22 after telling shareholders at its AGM that underlying performance for the second and third quarter will continue to improve.

Top stories:

1. The future market darlings of the ASX200. The latest research from the Credit Suisse equities team outlines 21 stocks which are set to become market favourites.

2. The RBA may have to lift rates to manage debt risk. But that could create an even bigger problem.

3. CBA lifts earnings. The Commonwealth Bank posted a 6% rise in cash earnings to $2.65 billion in the September quarter.

4. Ardent Leisure loses its second CEO this year. Simon Kelly resigned from the theme park operator. Ardent shares dropped 2.1% to close at $1.835.

5. Westpac’s Brian Hartzer take home cash. The bank today released its annual report, showing how its senior executives fared in the pay stakes.

6. An ASX-listed blockchain company is making money just on its Bitcoin holdings. DigitalX gave a market update on the continued appreciation in the price of the cryptocurrency. DigitalX shares closed 20% higher at $0.24

7. Exclusive data about Melbourne Cup Day. Tracking spending and usage surges in taxis and Uber. Also see: The aftermath of the Cup in photos.

8. REVEALED: The fastest internet providers in each Australian city.

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