Australian stocks closed higher.
Here’s the scoreboard:
- S&P ASX 200: 5,360.40 +41.51 +0.78%
- All Ordinaries: 5,431.00 +38.45 +0.71%
- AUD/USD: 0.7329 -0.0039 -0.53%
The local markets started a new week higher, led by the big miners following a rise in the price of iron ore.
BHP was up 3.7% to $19.22, Rio Tinto 3.8% to $45.22 and South32 5.4% to $1.55.
And local gold miners surged as the price of the precious metal jumped by 2.5% at the weekend after expectations increased that the Federal Reserve will delay increasing US interest rates.
Northern Star was up more than 14% to $4.85, Newcrest 11.6% to $22.06 and St Barbara 15% to $3.02.
Insurance shares were sold down after wild storms on the Australian east coast at the weekend. IAG had lost 2.2% to $5.72, QBE 1.6% to $12.21 and Suncorp 1.7% to $12.56.
The top stories Monday:
1. The $80 million IPO for music streaming platform Guvera. Australian tech leaders are unimpressed by the prospectus.
2. The inflation story. Australian consumer prices fell modestly last month, doing little to dispel the notion held by many that a further rate cut from the RBA is likely in the months ahead.
3. Getting into car rental. Online travel booking agency Webjet is buying New Zealand-based Online Republic for $NZ85 million ($A80 million).
4. The jobs are there. Australian jobs advertisements rose sharply in May, suggesting that labour market hiring may accelerate in the second half of the year.
5. The housing boom. Australian auction clearance rates continued to lift last week, fitting with recent strength in house prices in the nation’s largest housing markets, Sydney and Melbourne.
6. PITCH DECK. How to win $50,000 seed funding.
7. The storms. The severe storm which hit coastal Queensland and NSW at the weekend has been declared an insurance catastrophe. Also read: The storms in Sydney had luxury properties crumbling into the sea
8. Still growing. But Australian media is being taken over by Bondi Hipsters.
9. The election. The so-called white hot anger over Malcolm Turnbull’s super changes is barely registering in polling.
10. Sneaky. How the NSW government skims an extra 82c off your Opal card every time you use it in Sydney.