Australian stocks rallied again, pushing the local market to a near two-year high.
- ASX 200: 5,873.50 +52.27 +0.90%
- All Ordinaries: 5,910.70 +50.29 +0.86%
- AUD/USD: 0.7640 +0.0007 +0.09%
The local market added to Tuesday’s gains, at 1.30% the biggest one day gain of the year, led again by the major banks.
On Wall Street, the S&P500 added 0.7% overnight after consumer confidence hit a 16-year high.
On the ASX, the banks were all ahead better than 1% with Westpac adding 1.27% to $35.14 and the ANZ 1.22% to close at $33.24.
Myer lost a little ground, down 0.4% to $1.19, but is still up 11.7% this week. After the market closed, Solomon Lew’s Premier Investments said it now held 10.7% of Myer.
Fairfax Media was up 2.3% to $1.09, its highest since 2011, on reports that private equity group TPG acquired picked up just under 5% of the company.
The top stories:
1. Amazon’s ambitions for Australia are bigger than thought. An Amazon executive has confirmed the internet giant will be fully operational in Australia by the end of 2018.
2. Australians prefer flexible working conditions to pay rises. Work/life balance has for some time been the number one driver for employees on the lookout for career opportunities.
3. One Australian restaurant has so far made the world’s top 100. Sydney’s Quay, a top 50 restaurant for five years, appears at number 95, three places up on 2016.
4. More moves in medicinal cannabis. This time it’s MMJ PhytoTech. Its shares added 8.7% to close at $0.75.
5. Australian shares are pricey but they’re not at a danger level yet. The ASX 200 is trading on 16.1 times forward earnings, which is 6% above the 5-year average of 15.2 times, but still below the 17 times investors were paying in Q2 2015 and mid-2016.
6. Further macroprudential tightening ahead on home loans. The move this month by Australia’s banks to increase mortgage rates for owner-occupiers should help cool growth in lending to more vulnerable borrowers, according to ratings agency Fitch.
7. 7 ways to smash public speaking. Tips from an Australian newsreader,George Donikian.
8. Co-working is evolving to combine co-living. Users of co-working spaces often report feeling that they are part of a social movement.