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

Photo: Morne de Klerk/Getty Images

The Australian market closed higher for the week and marked the end of the earnings season with a positive note.

Here’s the scoreboard:

  • S&P ASX 200: 5,928.80 +20.31 (+0.34%)
  • All Ordinaries: 5,898.50 +20.64 (+0.35%)
  • AUD/USD: 0.7793 -0.0011 (-0.14%)

Wall St was marginally weaker overnight with the S&P 500 down 0.2%.

On the local market, 9 out of 10 sectors were higher. The big four banks were stronger, led by the Commonwealth Bank up 1.66% to $91.92.

The top stories on Friday:

1. Woolworths shares tanked. the supermarket chains says sales momentum in October and November improved but trading in December was subdued and this continued into January. Its shares closed down 9.5% to $30.71.

2. Homeware sales doing well. Harvey Norman reported improved customer confidence along with stronger sales. Its shares closed up 1.6% to $4.42.

3. Riot Tinto moves. The miner announced a major restructure of divisions and said farewell to its energy chief executive. Its shares closed up 1.12% to $64.41

4. Radio moves. The merger of John Singleton’s Macquarie Radio Network (MRN) and Fairfax Media stations has cleared its final hurdle with the Australian Competition and Consumer Commission announcing it has no objections to the deal. Fairfax shares were up more than 3% to $0.98.

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