Australian stocks rallied, making up some of the week’s losses.
- ASX 200: 5,753.50 +45.55 +0.80%
- All Ordinaries: 5,796.10 +42.08 +0.73%
- AUD/USD: 0.7614 -0.0013 -0.17%
The local market surged, making up for part of Wednesday’s 1.56% fall caused by fears that the Trump administration may not bee able to deliver on key reforms.
But the market still lost ground over the week. The ASX200 closed Friday down almost 0.8% for the five days trading.
Today the major banks carried the market. The ANZ added 1.9% to close at $31.36 and the Commonwealth 0.5% to $83.38.
Downer EDI’s capital raising to fund its takeover of spotless fell short. Its shares slumped 25% to close at $5.55.
The top Stories:
1. ENTER THE DRAGON. Finally, there’s hard data on the huge role of foreign buyers in Australian property
2. The hidden fall in home ownership in Australia. The home ownership crisis is worse than official numbers suggest, according to analysis by independent economist Saul Eslake.
3. Preventing counterfeit Australian food products in China. E-tailing giant Alibaba has enlisted the help of Australia Post and vitamin company Blackmores for a pilot program to prevent food fraud using blockchain technology.
4. ASIC decides to take no action against Slater and Gordon. The troubled law firm had been investigated over the accuracy of financial records and whether they were deliberately falsified or manipulated. Its shares closed at $0.125, up 13.6%.
6. FinTech Australia fights back. Opposition MP rips into it for backing the new crowdfunding laws.
7. The world’s cheapest, and the most expensive, cities to live in. Singapore is the most expensive city in the world to live in, according to latest Worldwide Cost of Living Survey.
8. Your messy office space could be doing wonders for productivity. Having a tidy office might not be as beneficial as some think.
9. PODCAST. Hedge funds, stock bubbles, and the slow death of rugby in Australia.