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

Dancing in Rio. Mario Tama/Getty Images

Australian shares closed higher.

Today’s scoreboard:

  • ASX 200: 5,730.40 +37.26 +0.65%
  • All Ordinaries: 5,778.60 +35.08 +0.61%
  • AUD/USD: 0.7885 -0.0010 -0.13%

The local market opened the week with a strong run, supported by the major banks and the big miners.

The NAB added almost 1.8% to close at $30.71 and Westpac 1.1% to $31.98.

Fortescue Metals rose 1% to $5.56 and BHP 0.4% to $25.65.

Rubber products group Ansell shares fell 3% to close at $20.89 after a 3% fall in full year profit to $US147.7 million.

Advertising company Ooh!Media was up 7.9% to $4.36 after full year net profit rose 22% to $5.98 million.

Top stories:

1. HE’S A KIWI. Australia’s dual citizenship debacle has now snared deputy PM Barnaby Joyce.

2. Chinese buyers are starting to disappear from the property market. They are turning away from Australian housing as efforts by regulators in both countries to slow investment begin to bite.

3. Suddenly, the Australian housing market is starting to look crowded. Australian auction clearance rates softened last week, according to preliminary data released by CoreLogic on Sunday.

4. Ian Narev is on the way out. Commonwealth chair Catherine Livingstone says Narev will retire by the end of the 2018 financial year. Also read: Narev’s brutal performance review giving him a 0 for reputation risk management. CBA shares closed 1% higher at $81.31.

5. JB Hi-Fi posts record sales of $5.6 billion. The consumer electronics retailer has again defied the retail slowdown, posting a 13.2% rise in full year net profit of $172.4 million. Its shares fell 3.7% to close at $24.41.

6. Net interest margins are rising. Bendigo and Adelaide Bank jumped after it posted a 4.2% rise in full year cash earnings to $418.3 million. Its shares added 7.4% to close at $12.10.

7. Australians are tiring of social media. They have also changed the way they access online news because of so-called fake news, according to Deloitte’s 2017 Media Consumer Survey.

8. PHOTOS. The new $15 million David Jones food hall in Sydney.

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