AUSTRALIAN STOCKS RALLY, BANKS SURGE: Here's what you need to know

William West/AFP/Getty Images

Australian stocks closed higher as the major banks made up some lost ground.

Today’s scoreboard:

  • ASX 200: 5,772.80 +95.00 +1.67%
  • All Ordinaries: 5,801.80 +86.34 +1.51%
  • AUD/USD: 0.7553 +0.0012 +0.16%

The local market had its best day since November last year on a rally by the major banks.

Westpac added 2.8% to $30.81 and the other three were all up 2.45% with the Commonwealth closing at $81.13.

Macquarie jumped 2.7% to close at $88.90 and Bank of Queensland 2.6% to $11.18.

Resources stocks were mixed with Woodside Petroleum up 1.95% to $30.90 and Fortescue Metals down 2.6% to $4.73.

Blood products group CSL hit a record high after announcing it is buying an 80% stake in Chinese biotech, Ruide, for $US352 million ($A466 million). Its shares closed at $137.65, up 1.9%.

4DS Memory gained 16% to close at $0.029 after the semiconductor company announced an advance in its of non-volatile memory technology, reaching speeds comparable to DRAM (dynamic random-access memory).

Top stories:

1. The tech stock fairy tale is heading for a bad ending. The Nasdaq 100 Index, which is heavily weighted towards tech, has slipped 3.3% since Friday, erasing roughly $US300 million of market value.

2. Ten goes into a trading halt. The free to air TV network is deciding what to do after after its billionaire shareholders refuse to guarantee more loans.

3. Bellamy’s finds a unique way to get sales growth in China back on track. It’s bought a business which already has overcome regulatory hurdles, creating a fast track to infant formula buyers there.

4. The biggest capital raising for an Australian startup this year. Marketing tech company ROKT just closed $US26 million in investment.

5. Crown’s China staff have now been charged. The Crown Resorts employees, including three Australians, now face charges related to the “promotion of gambling”.

6. It looks like Australia’s jobs market is strengthening. And household spending could be next.

7. Australian CEOs are suddenly more optimistic. KPMG today released its 2017 Global CEO Outlook based on interviews with nearly 1300 CEOs of some of the world’s largest companies.

8. ATO deputy commissioner Michael Cranston in court. He is charged with two Commonwealth offences of using information obtained in his capacity as a public official and exercising influence in his capacity as a public official.

9. Allowing terminally ill people import their own medicinal cannabis. The Australian Greens today won a Senate vote.

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