Australian stocks closed higher.
- ASX200: 6,077.10 +7.00 +0.12%
- All Ordinaries: 6,187.70 +10.90 +0.18%
- AUD/USD: 0.7953 +0.0036 +0.45%
The local market edged higher, supported by the big resources companies and gold miners.
Rising gold prices pushed the miners higher. Evolution was up 6.6% to $2.73 and Northern Star 4.5% to $6.23.
Rio Tinto was 1.4% higher at $81.80 and BHP 1.1% to $31.90.
Telco Vocus was up 0.9% to $3.24 after announcing a restructure of the way its business is managed.
Specialty Fashion Group — the owner of Millers, Katies, Crossroads, Autograph, City Chic and Rivers — jumped 12.8% to $0.22. There was no official announcement from the company which is reducing its stores by 300 to around 700 during difficult trading.
1. More rate cuts could be on the way. Credit Suisse says Australian households battening down the hatches.
2. Crowdfunding licenses take off. Digital bank startup Xinja raised $500,000 in less than a day.
3. The one-armed robot bricklayer is getting its own advisory committee. The first member at Fastbrick Robotics is San Francisco-based construction expert Curtis Rodgers. Its shares closed 5.4% higher at $0.195.
4. South Australia’s Tesla battery. It’s only been one month and it’s already exceeding expectations.
5. Another flat year for pay rises for Australian workers? Despite tightening labour market conditions — as seen in falling unemployment and underemployment rates around the world — wage growth is not responding.
6. Australian home prices are still falling. CoreLogic says prices across Australia’s five mainland state capitals fell by 0.1% last week in average weighted terms, leaving the decline over the past months at 0.3%.
7. Xero’s CFO cashed in some of his shares. Sankar Narayan, the CFO of Xero, just sold 30,000 shares in the cloud-based accounting software group.
8. You can stay alert without drinking caffeine. Try these science-based tricks the next time you feel tired.