Join

Enter Details

Comment on stories, receive email newsletters & alerts.

@
This is your permanent identity for Business Insider Australia
Your email must be valid for account activation
Minimum of 8 standard keyboard characters

Subscribe

Email newsletters but will contain a brief summary of our top stories and news alerts.

Forgotten Password

Enter Details


Back to log in

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

Robert Cianflone/Getty Images

Australian stocks closed higher.

Today’s scoreboard:

  • ASX200: 5,977.70 +31.99 +0.54%
  • All Ordinaries: 6,060.80 +30.94 +0.51%
  • AUD/USD: 0.7547 -0.0016 -0.21%

The local market recovered yesterday’s losses and kept going. But still couldn’t break through the 6000 mark on he ASX200.

The major banks and financial stocks carried the market with Westpac up 1.3% to $31.38 and the AMP 0.7% to $5.22.

The Tassal Group fell 6.5% to $3.60 after a broker downgrade. The price of salmon on international markets has fallen by almost one third this year. Another producer, Huon Aquaculture, was down 2.5% to $4.34.

Pure online retailer Kogan.com was up almost 6% to $4.66.

Auscann Group added 12.5% to $0.76 after its strategic partner Tasmanian Alkaloids was granted a manufacturing licence for medicinal cannabis.

TPG Telecom was up 2.4% to $6.26, adding to yesterday’s gains.

Top stories:

1. The ASX is moving to a blockchain style system for settlements. It has decided to replace its CHESS system to record changes in shareholding with distributed ledger technology.

2. The housing market slowdown is getting even slower. Price growth is stalling, growing by just 0.2% across the nation in the three months to November, and now auction clearance rates have fallen to yet another multi-year low.

3. Australia’s trade surplus narrowed sharply in October. According to the Australian Bureau of Statistics (ABS), the trade surplus fell to just $105 million in seasonally adjusted terms, well below the $1.4 billion level expected by economists.

4. Yowies taking on the US. And the company believes its chocolates have significant scope for further penetration and growth. Its shares added 14.7% to close at $0.19.

5. Demand for residential land in Sydney and Melbourne may have already hit its peak. The latest forecasts from analysts BIS Oxford Economics.

6. LiveHire in an equity raising. The recruitment platform LiveHire has just raised $20 million in an equity placement to to institutional and sophisticated investors led by Telstra Super. LiveHire shares were up 1.3% to $1.12.

7. The next big thing in China? A medical nutrition investor just teamed up with a water distiller to create “honey water”.

8. The 50 best places to work in 2018. Glassdoor’s Employees’ Choice Awards.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.