The Australian market rose for the third session in a row. The ASX 200 is up 2.4% on the week and 4.4% for July.
Here’s the scoreboard:
- S&P ASX 200: 5,699.20 +29.68 +0.52%
- All Ordinaries: 5,681.70 +28.63 +0.51%
- AUD/USD: 0.7301 +0.0008 +0.11%
On Wall Street, the S&P500 closed flat. On the local market, eight out of ten sectors were higher, adding to the 0.81% rise on Thursday and the 0.71% on Wednesday.
Among the rising stocks, CSL hovered close to becoming the first $100 stock as the company announced it was closer to buying the Novartis influenza business. The company closed at $98.96, up 2.7%.
Poker machine maker Ainsworth closed up 8.3% to $3.00.
The major banks were flat, with the ANZ up 0.65% to $32.680. The big miners weaker. BHP was down 0.19% to $26.45. Fortescue Metals was lost 2.11% to $1.85.
The top stories Friday:
1. Flight Centre, accused and convicted of price fixing, has finally won an appeal against the competition watchdog, the ACCC (Australian Competition and Consumer Commission). Its shares closed marginally higher at $35.62.
2. A big jump in US sales helped sleep disorder device maker ResMed lift revenue by 8% to $US1.7 billion for the full year. Its shares closed up 6.38% to $8.00.
3. Specialist lender Pepper Group debuted on the ASX at a 19% premium after raising $144.5 million.
4. AHALife debut. How a former Goldman Sachs analyst created an online luxury goods marketplace and listed it on the ASX.
5. Shares in OceanaGold fell hard after the miner announced reduced gold output and that it was merging with Romarco Minerals to create the lowest cost gold producer in the world. Its shares closed down 14.7% to $2.38.
6. Bernie Brookes, the former Myer CEO, has found new a job running a group of clothing, homeware and general merchandise stores in South Africa.
7. Interest rate moves without the RBA. Are the banks are poised to lift interest rates on all home loans?
8. And now we know why APRA tightened the screws on Australian housing investment lending. Also see the 690.3% growth in lending to Australian housing investors, in two charts.