AUSTRALIAN STOCKS RALLY: What you need to know

Australia’s Daniel Ricciardo signs autographs ahead of the Formula One Grand Prix of Japan. Mark Thompson/Getty Images

Australian shares closed higher.

Today’s scoreboard:

  • S&P ASX 200: 5,483.00 +30.07 +0.55%
  • All Ordinaries: 5,564.80 +27.79 +0.50%
  • AUD/USD: 0.7599 -0.0022 -0.29%

The local market reversed yesterday’s losses with the ASX testing the 5500 point level, helped by a firmer Wall Street where the S&P 500 closed 0.4% higher.

Most sectors were in the green with energy stocks gaining almost 2% as a group after another jump in oil prices..

Woodside Petroleum was up 1.8% to $29.44 and Santos 3.6% to $4.00. BHP added 1.1% to $23.12 and Fortescue Metals 2.2% to $4.93.

Estia Health lost 3% to close at $3.20 after the aged car provider issuing a profit warning.

The stop stories:

1. The IMF sounds a warning on Australia’s fast growing debt. Australia is singled out by the IMF in its latest Fiscal Monitor report as one of a handful of developed countries where debt continues to rise.

2. Low interest rates and intense competition. The Bank of Queensland’s annual cash profit came in at $360 million, a rise of just 1%. Its shares closed 2.7% lower at $11.15.

3. The banks and the parliamentary committee. Read: Brian Hartzer says his bank isn’t perfect. And also: Andrew Thorburn acknowledges the bank has problems.

4. MPs don’t like the idea that bank managers are not being punished. Andrew Thorburn, the CEO of the NAB, came under intense questioning over the fact that none of his senior executives had been sacked when 43 financial planners had been dismissed for misconduct.

5. The trade deficit continues to narrow. Australia’s trade deficit narrowed sharply in August, according to figures released by the Australian Bureau of Statistics (ABS) earlier today.

6. Property auction volumes are down a third. Australia’s capital city auction market springs back to life this week.

7. Penfolds is jacking up the price of Grange to $850. The price of Penfolds Grange, a golden goose made from grapes for Treasury Wine Estates, will jump another 8.3% when the 2012 vintage is released on October 20.

8. Run your own emergency service call centre. The 000 emergency calls service has been put out to tender.

9. Optus has cut a deal with Nokia to bring 5G. Optus and Nokia will collaborate on rolling out a 5G network for the telco next year in a deal that will bring the Internet of Things to life.

10. Daniel Ricciardo says the budgie smuggler nine don’t deserve further punishment. He’s called for the nine Australians arrested in Malaysia for stripping to their swimmers to be freed from jail.

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