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

Patricia De Mel Moreira/AFP/Getty Images

Australian stocks closed higher for the second session in a row.

Today’s scoreboard:

  • ASX 200: 5,789.60 +20.62 +0.36%
  • All Ordinaries: 5,828.80 +17.25 +0.30%
  • AUD/USD: 0.7507 +0.0001 +0.01%

The local market ticked higher into the close, following Wall Street where the S&P500 was 0.3% higher overnight.

Among the miners, BHP was up 1.1% to $24.50 and Rio Tinto 1.3% to $64.77.

The banks were mixed, with the ANZ up 1.2% to $28.62 and the NAB down 0.4% to $29.86.

Myer fell 4.7% to $0.875 after revealing it had 20% of the Topshop franchise in Australia which just went into voluntary administration.

Aristocrat Leisure was up 3.95% to $21.04 after posting a 56.9% lift in half year profit to $249.6 million.

Adelaide Brighton was down 1% to $5.61 after warning that first half underlying net profit is expected to be lower last year.

The top stories:

1. Trust between the banks and Canberra is broken. David Gonski, the chairman of the ANZ Bank, says the new bank tax is further evidence of the breakdown in the banking industry’s relationship with Canberra and the broader community.

2. AMP’s new strategy looks to China. The Australian financial services giant, hit by a crunch in the insurance industry, today unveiled a new strategy designed to put it on top of the heap again.

3. Anthony Pratt tops Australia’s 2017 rich list. He heads the Financial Review Rich List with $12.60 billion, the biggest amount of wealth for a single person in Australia’s history.

4. TopShop Australia is the latest victim of the retail crunch. The franchisee running Topshop and Topman in Australia has gone into voluntary administration.

5. Ansell is getting out of condoms. The Australian company announced the sale of its Sexual Wellness condom business to China and a buy-back program for up to 10% of the company. Ansell shares closed at $25.18, up 4.3%.

6. AirTree Ventures just recruited the man who created Google Photos. Anil Sabharwal, an 8-year veteran at Google, led the team that designed, built and launched the internet conglomerate’s now-ubiquitous photo software in 2015.

7. BT Investment Management shares slumped to a one-month low. The fund manager’s former parent Westpac plans to offload its entire holding and as part of that plan is selling up to a $645 million of its stake. BT shares closed at $11.33, down almost 7%.

8. Bitcoin is going bonkers, again. The frenzy in Bitcoin is growing even louder, and it’s dragging its price along for the ride.

9. Time for the truth in the copyright battle in Australia. Kate Haddock, Chair of the Australian Copyright Council, picks apart Wikipedia’s campaign, FairCopyrightOz, to get copyright law changed in Australia.

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