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

Photo: PETRAS MALUKAS/AFP/Getty Images.

Australian stocks bounced to a positive close.

The scoreboard:

  • S&P ASX 200: 5,142.40 +39.13 +0.77%
  • All Ordinaries: 5,221.00 +41.35 +0.80%
  • AUD/USD: 0.7397 +0.0012 +0.16%

The local market surged after global markets started to emerge from the gloom of the UK vote to leave the European Union.

On Wall Street, the S&P 500 closed 1.8% higher overnight.

The ASX 200 was up more than 1% in early trade before settling in for a quiet afternoon. The index is still down 2.6% since the Brexit vote last week and 4.4% since the start of June.

The major banks and the big miners led the charge today. The ANZ added 1.3% to $23.60 and BHP 1.5% to $18.30.

Resources stocks rallied on a rise in oil prices. Woodside Petroleum was up 1.2% to $26.10.

Caltex was up 3% to $31.87 after saying it expected an underlying half profit of $245 million to $260 million, about flat with the same time last year.

Local stocks, with direct business in the UK and Europe, made headway today after being hammered over the last few sessions.

BT Investments added 5.6% to close at $8.12. CYBG, NAB’s spinoff of the UK bank Clydesdale, was up 1.9% to $4.19

Macquarie Group, with extensive business in the UK and Europe, was up 1% to $$68.65.

The top stories Wednesday:

1. How many tax havens does it take? Rio Tinto, one of many multinationals facing political pressure over the use of schemes to reduce tax paid in Australia, has released details. Its shares were up 1.4% to $44.83.

2. Making up to $3000 a week selling baby formula. Meet the Chinese students studying in Australian and selling vitamins and baby formula back to China.

3. Get that machine on to it. KPMG will soon be using artificial intelligence for audits in Australia.

4. Single visit passes. Qantas lounges, until now only accessed by high status frequent flyers, paid up club members and business class travellers, can now be accessed for a one-off fee. Qantas shares added 6% to close at $2.77.

5. Property roulette. Australian new home sales fell heavily for a second consecutive month in May. Also read: This data proves the saying “you’ll double your money on property in 7 years” is a myth.

6. Election 2016. How the leaders performed on social and mainstream media. Also read: The Coalition’s pledge on a same-sex marriage plebiscite is starting to look really messy.

7. Trouble at the bar. Keystone Group — the company behind Jamie’s Italian, Kingsleys and Cargo Bar — is in receivership.

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