Australian stocks closed higher, creeping toward the 5900 mark on the ASX200.
- ASX 200: 5,876.20 +19.65 +0.34%
- All Ordinaries: 5,915.90 +20.14 +0.34%
- AUD/USD: 0.7577 +0.0012 +0.16%
The local market see-sawed in early trade before cruising to a positive close, making up the 0.24% losses of Tuesday.
The big miners carried the day, rallying on the back of better commodity prices. BHP was 3.4% higher at $24.75, Rio Tinto 3% to 61.72 and Fortescue Metals 5.2% to $6.42.
Bellamy’s added another 3.6% to close at $4.62 today, making a 10% rise since Friday’s close. HK funds manager Janchor Partners grabbed a 5.4% stake in the troubled infant formal maker.
Metcash was down 4.9% to $2.31 after reports the operator of IGA supermarkets is planning a major discounting drive to win back market share.
The top stories:
1. Business Insider talks to Malcolm Turnbull. The prime minister believes Australians can win in the global war for business investment.
2. RBA governor Philip Lowe on solving housing affordability. Fixing demand-supply imbalances rather than tighter macroprudential measures.
3. Fairfax is cutting another $30 million from its newsrooms. The media group today started what it calls a “process of consultation” with its Australian Metro Publishing newsrooms on proposed structural editorial changes.
4. The ANZ Bank starts a long goodbye to its wealth management business. The bank has formally started looking at ways to get wealth management off its books.
5. IAG’s margins have been hit by Cyclone Debbie claims. The insurer has about $170 million in insurance claims from Cyclone Debbie.
6. The top 10 best paying Australian finance jobs in 2017. Starting salaries for finance and accounting professionals are expected to rise by 2.1% this year.
7. Australia’s happiest worker is likely to be living in Tasmania. Research by Curtin University for mwah (Making Work Absolutely Human), a startup that guides both employers and employees, goes in search of Australia’s happiest workers.
8. NBN is compulsory. 6 million Australians are about to get a rude shock.
9. PHOTOS: Here’s what Australia’s finest chefs cooked for the world’s best for dinner.
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