AUSTRALIAN STOCKS RALLY ON OIL PRICES: What you need to know

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Australian stocks surged on higher oil prices.

Today’s scoreboard:

  • S&P ASX 200: 5,500.20 +59.73 +1.10%
  • All Ordinaries: 5,560.40 +58.02 +1.05%
  • AUD/USD: 0.7410 +0.0028 +0.38%

The ASX200 broke through the key 5,500 point mark on the back of a rally in energy stocks after oil producing countries agreed to cut production, pushing oil prices up 9% overnight.

BHP, the world’s biggest miner, closed 4.9% higher at $25.61 and Woodside Petroleum 6.4% to $31.54.

Santos added 11.7% to $4.39, LNG 10.5% to $0.68 and Origin Energy 8.75% to $6.46.

The banks also performed with Westpac up 1.2% to $31.65 and the Commonwealth 11.1% to $79.53.

Qantas fell 2.4% to $3.22. The airline is sensitive to oil price rises because of its exposure to the cost of jet fuel.

The top stories:

1. Cyber attacks are happening daily. Telstra chief executive Andy Penn describes the level of activity as “frightening”.

2. Christmas bonuses gone at the ANZ Bank. The December bonus at the ANZ Bank, in the form of $1000 in shares for employees who’ve been there at least three years, has been cancelled.

3. Sydney’s new trains will be built in China in a $1.7 billion deal. Engineering group Downer EDI Ltd announced today that it had been awarded the Sydney Growth Trains contract by Transport for New South Wales.

4. Company directors blame the federal government for falling consumer confidence. Almost 80% of them say Canberra is negatively impacting consumer confidence, according to a survey released today by the Australian Institute of Company Directors (AICD).

5. Telcos will cut off Samsung Galaxy Note 7 users. Samsung has convinced the Australian telecommunications providers — Telstra, Optus and Vodafone — to cut off network connectivity on December 15.

6. The Sydney boys who created an expensive drug in the lab at school. The year 11 students from Sydney Grammar made the drug Daraprim, used to treat malaria and parasitic infections, for about $2 a dose.

7. Oroton sales are sliding. Like for like sales fell 8% for the first 17 weeks of the financial year. Its shares closed 2.1% lower at $2.30.

8. Planning for Sydney’s light rail project was “inadequate”. An audit finds a $517 million cost blowout.

9. Australia’s startup scene has a plan to catch up to the rest of the world. The details on StartupAUS’s Crossroads report.

10. The biggest startup hub in Australia is opening in Sydney’s Barangaroo. Muru-D cofounder Annie Parker will head a huge new startup precinct in 2017.

11. Science says these are the best sports to play if you want to live longer. If you want to keep your heart healthy, and live longer, playing sports such as tennis, squash, cycling and swimming will help.

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