AUSTRALIAN STOCKS RALLY: What you need to know

William West/AFP/Getty Images)

Australian stocks closed higher.

Today’s scoreboard:

  • S&P ASX 200: 5,471.30 +58.95 +1.09%
  • All Ordinaries: 5,558.20 +58.01 +1.05%
  • AUD/USD: 0.7679 -0.0013 -0.17%

The local market jumped as rising oil prices fueled a surge by energy stocks and big miners.

Wall Street rallied overnight after OPEC agreed on a deal to limit production. Prices for Brent crude oil, the international benchmark, jumped by as much 6.3%.

On the ASX, Woodside Petroleum was up 7.2% to $28.45, Santos 7.6% to $3.67 and Liquefied Natural Gas Limited 10% to $0.645.

The big miners were also getting a benefit with BHP adding 4.7% to $22.40 and Rio Tinto 3.7% to $51.85.

The stop stories:

1. NBN drops its $800 million Optus cable plan. After insisting that Optus’s old hybrid fibre-coax infrastructure could be used for the NBN, the government-owned company announced that the network would be dumped from its plans.

2. KPMG gets into the software business. The model of charging clients in six-minute blocks hasn’t lost its edge at professional services firm KPMG, but it will be challenged by new businesses based on software.

3. These shares went nuts. BrainChip Holdings announced a deal to provide its machine learning security technology to a large casino in Las Vegas. Its shares closed more than 142% higher at $0.255.

4. The storms in South Australia. BHP suspended its Olympic Dam copper gold and uranium mine and OZ Minerals also stopped production at its Prominent Hill.

5. We should all be feeling a little wealthier. The net worth of Australian households stood at $8.8912 trillion as at the end of the June quarter, a 2.7% increase, or $231.5 billion, in just three months.

6. What to expect from new RBA governor Philip Lowe. Bill Evans, Westpac’s chief economist, has an amazing insight.

7. Nothing like a bit more debt. Australians feel richer when the value of their homes rise, making it more like they will borrow even more and further expose them to potential economic shocks.

8. Insurers are worried about new Australian drone laws. QBE, Australia’s largest aviation insurer, says the relaxation in rules covering the operation of drones in Australia creates liability issues for hobbyists.

9. Campaign Monitor just opened its new European HQ in London. The Australian startup responsible for marketing emails and newsletters from companies such as Adidas, Pizza Hut and Virgin wants to create 100 new jobs in Europe.

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