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

Ishara S. Kodikara/AFP/Getty Images

Australian stocks opened the week higher.

Today’s scoreboard:

  • ASX 200: 5,871 +34 (+0.59%)
  • All Ordinaries: 5,898 +34 (+0.58%)
  • AUD/USD: 0.7409 -0.0010 (-0.13%)

The local market gained ground, clawing back some of last week’s losses after a strong showing on Wall Street where the S&P500 closed 0.4% higher.

Shares in media companies gained after the federal government foreshadowed changes to media regulation.

The Ten network shares jumped 20% to $0.27, Nine 5.7% to $1.38, Southern Cross 2.4% to $1.39 and Seven West Media 3.4% to $0.76.

Three of the Big Four banks finished higher, but ANZ fell another 2.4%. BHP, Rio Tinto and Fortescue all rose as the ASX200 Resources Index gained 1.55%.

The ASX200 Energy Index jumped by 2.35%, with Woodside (1.57%) and Origin (3%) both gaining from a jump in the oil price late on Friday, after the Australian market closed.

The top stories:

US private equity giant TPG makes a bid for Fairfax. Cash plus shares would see the Sydney Morning Herald, The Age and the Australian Financial Review go private.

Budget 2017. Going after the big banks. And federal police get a big funding increase.

Westpac’s profit climbs 3%, lower bad debt. Cash profit, which included one-time items, was $4.02 billion, up from $3.9 billion a year earlier.

Using Bitcoin to pay everyday bills. Brisbane startup Living Room of Satoshi has created a service that allows any bill that you can pay through the common BPay platform to be paid with Bitcoin.

The big four banks just made a combined $15.6 billion half year profit. An average rise of 6.25% in an increasingly competitive environment.

Foreigners living in Australia get $15 billion a year in welfare payments. the 870,000 non-citizens who claim the benefits are mostly from Britain, New Zealand, Africa and the Middle East.

The housing crisis. Even wealthy millennials plan to stay put with their parents.

Atlassian on expansion, challenges and investment. Business Insider spoke to Atlassian president Jay Simons in Barcelona this week.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.