AUSTRALIAN STOCKS RALLY: What you need to know

A file photo of the Australia World Rally Championship on the New South Wales north coast in 2015. William West/AFP/Getty Images)

Australian stocks closed higher.

Today’s scoreboard:

  • S&P ASX 200: 5,553.80 +38.74 +0.70%
  • All Ordinaries: 5,647.10 +34.77 +0.62%
  • AUD/USD: 0.7641 +0.0021 +0.28%

The local market broke through the 5550 barrier on the ASX 200 index, making the best gains in two weeks.

The banks were behind the surge, with Westpac gaining 1.4% to close at $30.41 and the Commonwealth 1% to $73.85.

Monadelphous shares slumped 17.7% to close at $8.99 after posting a 36.7% fall in annual profit to $67 million. Sales were down 26.8% to $1.365 billion, reflecting weaker demand for engineering construction in the resource industry.

Amaysim shares added 7.5% to close at $2.15 after the mobile sim card company completed the acquisition of Australian Broadband Services so it can get into providing NBN services.

The top stories:

1. Kogan hits profit. Online retailer, whose shares dropped 16% in the first day of trading on the ASX last month, has beaten its prospectus forecasts.

2. A second year of losses from Rivers. Specialty Fashion, the owner of Katies and City Chic stores, posted a loss of $2.19 million, a 50% improvement on last year’s $4.46 million red number. Its shares fell more than 17% to close at $0.58.

3. The accountancy software cloud wars. Deutsche Bank has initiated coverage of MYOB, rating it as a BUY, saying the cloud software group is catching up with its main competitor. MYOB shares closed at $4.00, up 0.25%.

4. The revolving door of economic ideas. Why economists are arguing that the RBA should forget its inflation target

5. Iron ore blues. Global steel production fell for third consecutive month in June, although remained above levels seen in the latter parts of 2015.

6. The Olympics. Here’s how much Australian taxpayers spent on elite sports trying to win medals in Rio

7. Recruiters have a new name for millennials. They are now “continuous candidates” for their habit of always being on the lookout for the next gig and a leadership role.

8. Networking is becoming a core business skill. Here are the 5 golden rules of an Australian expert.

9. 4000 years of history at a glance. If you love history and you love maps, you’re going to flip over The Histomap.

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