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

Martin Ollman/Getty Images

Australian stocks closed higher.

Today’s scoreboard:

  • ASX 200: 5,805.20 +31.17 +0.54%
  • All Ordinaries: 5,835.50 +27.45 +0.47%
  • AUD/USD: 0.7613 -0.0008 -0.10%

The local market gained ground at the start of a new week, adding to the 1.7% gain of last week, pushing the ASX200 through the key 5800 mark.

The banks carried the market higher with the NAB adding 1.4% to $30.27 and Westpac 1.1% to $30.88.

Retail shares took a hit after Amazon announced the purchase of a bricks and mortar grocery chain.

Myer lost 2.1% to $0.89, Harvey Norman 3% to $3.78 and JB Hi-Fi 2.7% to $22.67.

Southern Cross Media was up 55% to $1.23 after a broker upgrade.

And a2 Milk rose 6.5% to 4$3.93, also on an upgrade.

Top stories:

1. Amazon’s grocery store buy. A big move into physical retail stores.

2. Might take a bit longer than expected. Gerry Harvey thinks it would be very quick if Amazon retail was running in Australia in three years.

3. A warning from the RBA governor. Political intransigence threatens to hold the country back.

4. Campaign Monitor’s CEO has quit. Alex Bard, the US-based CEO of the Sydney-born email marketing tech company, will finish up at the end of this month.

5. Australians just bought more new cars than ever before. Sales rebounded strongly in May after weakening in the first few months of the year.

6. An Australian company just sold its combat helmets to the US. XTEK has just closed a deal to supply ant-terrorism special forces. XTEK shares were up 13.4% to close at $0.55/

7. Malcolm Turnbull’s former digital tsar just joined Stone & Chalk. Paul Shetler has a part-time advisory role.

8. All (maybe) is forgiven. Bellamy’s shares went on a tear. They closed almost 13% higher at $7.24.

9. How to get free unlimited wi-fi from Telstra. The telecommunications giant announced that “free and unlimited” wi-fi would be available at 4,000 public locations.

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