Australian stocks rallied on the first session of the week.
Here’s the scoreboard:
- S&P ASX 200: 5,113.50 +71.39 +1.42%
- All Ordinaries: 5,145.10 +68.44 +1.35%
- AUD/USD: 0.7021 -0.0005 -0.07%
The local market strengthened in late afternoon trade as investors bought back into the major banks. All ten sectors were stronger, clawing back some of last week’s 2.48% loss.
The Commonwealth added 1.76% to close at $72.70. BHP was up 0.9% to $23.15 and Woodside Petroleum 2.89% to $29.91.
The top stories for Monday:
1. The latest telco deal. Second tier companies Vocus and M2 are merging to create a $3 billion Australian giant. This is what it will look like. Vocus closed down 7.4% to $6.01 and M2 was up 13.4% to $9.55.
2. Big gas. Australia’s giant Gladstone LNG project is about to make its maiden delivery.
3. Australia’s busiest air corridor is booming. And CommSec chief economist Craig James highlighs that with more people flying, and airfares rising, the economy may being doing better than many appreciate.
4. Millennials in the office. They are still seen as aggressively ambitious, according to research by specialist recruitment firm Robert Walters.
5. Uber under attack. The NSW government has suspended registrations on 40 UberX cars.
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