Australian stocks closed higher.
- ASX 200: 5,956.40 +32.34 +0.55%
- All Ordinaries: 5,976.30 +28.71 +0.48%
- AUD/USD: 0.7488 -0.0001 -0.01%
The local market see-sawed to a strong close, adding to last week’s 1.2% rise and creeping closed to the 6000 point mark on the ASX200.
The index hasn’t been that high since 2008.
The banks were positive, with Westpac 0.6% higher at $35.30, rising about the same percentage as BHP which closed at $23.88.
Qantas was up 2.5% to $4.35, Harvey Norman 1.9% to $4.27 and Estia Health 2.6% to $3.14.
The top stories:
1. Facebook’s Australian revenue jumped 10-fold after the Google tax came in. Facebook’s local revenue went from $33.6 million in 2015 to $326.9 million last year after the government’s Multinational Anti-Avoidance Law came into effect in January 2016. Also read: Here’s what to expect in the 2017 budget.
2. The federal budget can’t fix dangerously dumb house prices. Any measures in the federal budget aimed at housing affordability will have little impact on getting more people owning their own homes, according to latest budget monitor report from Deloitte Access Economics.
3. A deficit worse than expected deficit. The underlying cash budget deficit this financial year will be $1.8 billion worse than the latest official forecasts, according to analysis by Deloitte Access Economics.
4. The budget is expected to lift uni fees. Funding to the university sector is in the frame.
5. Another retailer feels the heat. RCG Corporation has cut profit guidance for the second time this year after poor sales of its shoes. Its shares fell 27% to close at $0.60.
6. Analysts have downgraded Platinum Asset Management. The funds manager announced a cut in fees, to 1.35% from 1.50%.
7. Melbourne fintech Airwallex just won $17 million funding. The cross-border payment startup attracted some big names for the investment round.
8. Airtasker and the unions in a landmark agreement. Unions NSW is now working with the online job-posting platform to promote pay rates that are above the minimum rates.
9. Scott Farquhar is paying more than $70 million for one of Australia’s most famous houses. The Atlasssian co-founder has set a new record for Australia’s most expensive house, buying the 1863 mansion Elaine in Sydney’s Point Piper.
10. More signs of cooling home prices in Sydney. Home values remained unchanged in April, adding to a string of a data pointing to a slowdown in Australia’s largest city.
11. Coming soon — medical cannabis honey. An organic tea tree farm in New South Wales has received a $1.49 million investment to help develop the special honey.