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

Photo: Sergio Camacho/Getty Images

Australian shares opened a new week with a strong run higher.

Today’s scoreboard:

  • ASX 200: 5,773.60 +53.02 +0.93%
  • All Ordinaries: 5,824.50 +51.19 +0.89%
  • AUD/USD: 0.7935 +0.0005 +0.06%

The major banks and the big miners led the local market.

Commonwealth shares started rising again after taking a 3.8% hit on Friday, closing today at $81.52, up 0.99%. Westpac added 1.2% to close at $31.94.

Among the miners, BHP was up 1.7% to $26.16 and Rio Tinto 1.7% to $66.35

Bluescope Steel was 5.9% higher at $14.14 after a broker upgraded its target price for the steelmaker.

Mantra rose 5.4% to $2.86 after announcing the purchase of the Art Series Hotel Group’s seven hotels for $52.5 million.

Capilano Honey was down 1.5% to close at $16.25 after posting a 9% rise in full year profit to $10.3 million.

Crown Resorts lost 4.7% to close at $11.87, continuing a fall started Friday when the gaming group reported a 7.5% slide in annual revenue to $3.34 billion.

Top Stories:

1. CBA chief executive Ian Narev is staying. He says he’s focused on his job as the bank wrestles with fallout from money-laundering revelations. Also read: The issue was caused by a tiny software update.

2. Short-term thinking keeps Australia stuck in crisis. Analysis from Nigel Lake, CEO of global advisory firm Pottinger.

3. The biggest Australian fintech raise of the year. Westpac just invested $40 million in ZipMoney. ZipMoney shares rose 12.6% to $0.80.

4. Australia is having its weakest year for equity raising in a decade. This year net equity supply has totaled a dismal $1 billion when the average is $40 million.

5. $260,000 for a complete collection of Grange. All 62 vintages of Grange bought at auction by an Adelaide couple.

6. Genuine fear in a housing market on the other side of the world often compared to Sydney. The red-hot housing market in Toronto, Canada has come to a screaming halt.

7. Retiring at 52 with a $3 million net worth. 10 tips to build wealth.

8. Inside the world of Silicon Valley’s coasters. Millionaire engineers who get paid gobs of money and barely work.

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