AUSTRALIAN STOCKS NUDGE AHEAD: What you need to know

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Australian stocks closed higher.

Today’s scoreboard:

  • ASX 200: 5,785.80 +11.80 +0.20%
  • All Ordinaries: 5,827.50 +13.82 +0.24%
  • AUD/USD: 0.7686 -0.0024 -0.31%

An early surge, spurred by gains on Wall Street where the S&P500 added 0.8% overnight and the Fed decided to raise rates, slowed as the day progressed.

The major banks fell and the big miners jumped, balancing each other.

The ANZ was down 2.4% to $31.95 and Westpac 1.67% to $34.22.

BHP added 3.6% to $25.10 and Rio Tinto 2.2% to $62.20. Fortescue Metals continued its climb, gaining 4% to $6.80.

HearMeOut launched an app to connect a smartphone to a car’s systems and its shares jumped by 30% to 19.5 cents.

The top stories:

1. More unemployed, fewer jobs. The unemployment rate jumped to 5.9%. Also read: Youth underemployment is now at the highest level ever recorded.

2. Home loan interest rates are on the way up. The NAB announced increases in interest rates on both its owner-occupier and investor home loans.

3. The biggest civil fine in Australian corporate history. Tabcorp just got hit with $45 million for breaching money laundering rules.

4. Ethical investment at AMP Capital. Australia’s second largest fund manager is selling off $570 million in tobacco and weapons investments.

5. Discount fatigue for Australian shoppers. That’s partly the reason why the Myer annual stocktake sale was so subdued this year. Also read: Myer returns to profit growth. Myers shares fell 5% to close at $1.08.

6. High times for cannabis. A tiny mining company got a licence to grow medical cannabis indoors. Its shares soared, closing 60% higher at $0.024.

7. 6 Australian tech startups off to the US. They’ve been selected for a major entrepreneur growth program in America.

8. A political tongue captured on video. South Australian premier Jay Weatherill tells federal energy Josh Frydenberg what he thinks of him.

9. That Spaceship fund. A millennial accountant reviews the new tech-focused super fund chasing his money.

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