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

A 2015 file photo. Roger Federer plays tennis with Australia’s Lleyton Hewitt between speedboats on Sydney Harbour. Cameron Spencer/Getty Images)

Australian stocks closed higher.

Today’s scoreboard:

  • ASX200: 6,038.90 +41.90 +0.70%
  • All Ordinaries: 6,130.00 +42.90 +0.70%
  • AUD/USD: 0.7658 +0.0011 +0.14%

The local market surged at the start of a new week, led by the miners and buoyed by Wall Street which closed at a record high with the S&P500 up 0.9%.

BHP was up 1.95% to $28.25 and Rio Tinto 1.2% to $71.43.

Shares in DATA#3 fell 13% to $1.71 after the IT services group said it expects the first half profit to be substantially lower than the prior year’s record first half.

Macquarie Group was 1.8% higher at $98.70. The other major banks were in positive territory with the NAB up 0.5% to $29.85.

Retail Food Group fell 7% to $2.65 after the the owner of Gloria Jean’s coffee shops issued a statement saying it had no evidence of franchisees underpaying staff.

Top stories:

1. One of the most shorted stocks on the ASX just got takeover offer at a big premium. Aconex is being bought by US-based global tech giant Oracle for $1.6 billion. Aconex shares jumped 44% to close at $7.63.

2. MYEFO. The budget’s looking better but the government is cutting back its growth and wages forecasts. Also read: The new economic forecasts. And: Here’s what economists are saying.

3. Robot trucks. Almost 30% of Rio Tinto’s mining trucks will be automated within two years.

4. Kogan.com is getting into pet insurance. The pure-play online retailer has signed an agreement with PetSure to distribute and promote pet insurance policies under a new brand Kogan Pet Insurance. Kogan.com shares jumped more than 10% to close at$5.46.

5. ANZ in a $1.5 billion buy-back. The bank says it has completed the sale of its 20% stake in Shanghai Rural Commercial Bank, originally announced in January. ANZ shares added 2.1% to close at $28.82.

6. House prices. Sydney was the only city in Australia where house prices fell last week.

7. Report card. Malcolm Turnbull is chalking up a number of wins to finish 2017.

8. CHART. Proof that 4WDs are taking over Australian roads.

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