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

Toru Yamanaka/AFP/Getty Images

Australian stocks closed higher.

Today’s scoreboard:

  • ASX200: 6,011.10 +26.85 +0.45%
  • All Ordinaries: 6,096.10 +29.37 +0.48%
  • AUD/USD: 0.7587 -0.0008 -0.11%

The local market broke through the key 6000 mark on the ASX200 index and kept going.

The major banks and the big miners supported the rally.

The Commonwealth Bank was 0.78% higher at $80.98 and BHP added 0.95% to close at $27.64.

Ainsworth Game Technology fell 7.8% to $2.00 after being hit by downgrades from a number of brokers.

Seek dropped 3.6% to $18.70 despite reaffirming full year profit guidance of between $220 million and $230 million.

Retail stocks picked up, with Myer adding 4.2% to close at$0.74 and JB Hi-Fi 3.8% to $23.43.

1. The OECD. The RBA is likely to hike rates in the second half of 2018.

2. Australia’s same-sex marriage laws had a massive win in the Senate. The bill passed 43 votes to 12, with several senators, including One Nation’s Pauline Hanson and cabinet minister Michaelia Cash, abstaining.

3. BHP plans $6 billion Olympic Dam investment. Analysts from UBS said the total spend of around $US4.5 billion should lift Olympic Dam’s return on capital employed to about 13% by the 2024 financial year if copper prices rise in line with forecasts.

4. Telstra’s Andy Penn: The NBN’s HFC network works absolutely fine for Foxtel and Telstra.

5. Fast food blues. Collins Foods posted a 17.5% fall in half year profit to $12.74 million, hit by the cost of expanding its KFC empire. Collins Foods shares lost almost 5% to close at $5.93.

6. 6 types of bosses to run from. A website poll of 5,619 professionals by recruiters Hays had 37% saying getting away from a direct manager was their primary reason for leaving.

7. Millennials are about to take charge of the world’s biggest companies — here’s what to expect.

8. Amazon just bought land in Sydney for $7 million. Amazon’s march into the Australian retail market has continued with the company reportedly buying into an industrial area south-west of Sydney.

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