Australian shares closed higher.
- S&P ASX 200: 5,442.80 +34.31 +0.63%
- All Ordinaries: 5,523.30 +34.24 +0.62%
- AUD/USD: 0.7629 +0.0016 +0.21%
The local market surged, making up Monday’s losses and then kept going.
The iron ore miners stole the show with Fortescue rising 6.4% to $5.44 and BC Iron also 6.4% higher at $0.16, on the back of a steep rise in Chinese commodity futures, led by iron ore.
Among other miners, Rio Tinto added 2.4% to $52.48 but Santos was down 0.8% to $3.70.
The banks were back in favour with Westpac up 1% to $30.90 and the Commonwealth 0.7% to $75.23.
Construction software company Aconex jumped 13% to $5.87 after reaffirming revenue growth of between 39.4% and 45.9% for 20017.
Cancer treatment specialist Sirtex Medical added 1.8% to $29.74 after saying it expects double digit dose sales growth to continue in 20107.
Department 13 was up 3.7% to $0.14 after announcing it has been granted a US patent on technology that further enhances its drone defence capabilities.
The top stories:
1. The Blackmores and Bega Cheese infant formula push isn’t working. China’s seemingly insatiable appetite for Australian infant formula appears to have come to an end. Beg Cheese shares lost 16.8% to close at $5.40. Blackmores was down 1% to $111.44.
3. APN bets big on digital street advertising by buying the rest of Adshel. The former newspaper group is taking full ownership of Adshel, with its network of digital street advertising screens, for $268.4 million. APN shares closed 3.8% higher at $3.38.
4. The suburbs to see explosive growth in apartments over the next 2 years. Cameron Kusher, a research analyst at CoreLogic, has used building approvals and housing starts data from the ABS to estimate just how many new apartments will hit the market.
5. 9 Australian companies have made it to the latest global Fintech 100 list. The latest annual ranking, compiled by accelerator H2 Ventures and KPMG, includes Prospa (31), Tyro (43) and SocietyOne (50) among the leading 50 established fintech companies.
6. Now APRA is really worried about housing. APRA is proposing to force residential mortgage lenders to extract more detailed information on borrowers’ incomes and expenses and to toughen the requirements for interest only loans.
7. Sculpture by the Sea. A king tide and 3-metre waves destroyed or damaged several works at the Sydney exhibition.
8. Stress at work. Science has found a good way to manage it but a lot depends on how much autonomy your boss will give you.
Business Insider Emails & Alerts
Site highlights each day to your inbox.