AUSTRALIAN STOCKS JUMP: Here's what you need to know

Dean Mouhtaropoulos/Getty Images

Australian stocks closed higher.

Today’s scoreboard:

  • ASX200: 6,037.70 +14.90 +0.25%
  • All Ordinaries: 6,146.50 +11.20 +0.18%
  • AUD/USD: 0.8074 -0.0009 -0.11%

The local market dropped at the open, following Wall Street where the S&P500 fell 1.1% overnight, but later recovered positive territory on the last day of the month.

After a soft inflation number for the December quarter, most of the major banks gained ground. The Australian dollar fell to US80.80 cents from US81 cents after the weaker than expected CPI.

At the close, the ANZ was 0.35% higher at $28.58 but the Commonwealth was down 0.28% to $78.87.

The miners were the main drag with Rio Tinto dropping 2.1% to $76.85 and pure play iron ore miner Fortescue Metals 2.1% to $4.97.

Top stories:

1. Soft inflation. Rate hikes are off the table. Also read: What economists are saying.

2. Instreet Investment gained control of Acorns Australia. The Australian asset manager with $500 million under management has taken a controlling stake in the local arm of the micro-investing app.

3. Turning around Foxtel’s fortunes. Fox Sports head Patrick Delany is now in charge.

4. The dollar cost of the money laundering scandal. The Commonwealth Bank has confirmed it is looking at making a provision on its books for potential costs.

5. The biggest deal so far for 2018. A $1.6 billion cash takeover for Sirtex Medical from US-listed Varian, a Californian based company which develops cancer care solutions. Sirtex shares closed 45% higher at $27.45.

6. Treasury Wine Estates smashes profits and increases dividends. A 37% increase in after tax profit to $187.2 million for the year year to December on the back of strong sales in Asia. The shares closed at $17.12, up 0.7%.

7. The best perks at the office. The 10 Australians say will be make life better at work.

8. The man behind those “longer lasting sex” ads. Jacov Vaisman has been declared bankrupt in a long-running battle with the Australian Consumer and Competition Commission (ACCC).

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