AUSTRALIAN STOCKS RISE: Here's what you need to know

Max Staples of Australia spikes in the match with Iran during the Men’s Volleyball World Cup in Tokyo. Masashi Hara/Getty Images for FIVB

Australian stocks closed higher.

Here’s the scoreboard:

  • S&P ASX 200: 5,103.60 +37.36 +0.74%
  • All Ordinaries: 5,130.80 +34.41 +0.68%
  • AUD/USD: 0.7143 +0.0012 +0.17%

Shares bounced back after Monday’s 2% fall, after an overnight rise on Wall Street where the S&P 500 added 0.8%. Nine out of ten local sectors were positive.

Energy stocks rallied after a 4.5% rise in oil prices overnight. Woodside was up 2.84% to $29.65 and Santos 4.28% to $4.99.

Of the big miners, BHP was steady, up just 0.04% to $23.86, but Rio Tinto was down 1.19% to $49.19. Fortescue lost 3% to $1.915

The major banks were slightly higher. Westpac was up 0.84% to $31.11.

The top stories for Tuesday:

1. Concentrating on the iiNet takeover. TPG Telecom, which is creating Australia’s second largest fixed line internet provider, has posted a strong rise in profit, its seventh year of growth in a row. But investors were unimpressed. Its shares were down 4.5% to $10.00.

2. Not the demand expected. Myer’s retail part of its capital raising, to help fund a five-year turnaround strategy, has fallen well short of its $120 million expectations.

3. Scott Morrison’s biggest problem. He’s inherited a sizeable budget deficit and a large communication problem.

4. Coffee beans are at two-year lows, but here’s why your morning cup hasn’t gotten cheaper.

5. Another backdoor. IoT Group, a Sydney-based tech company selling affordable wearable devices such as a $99 smartwatch sold in Coles, has nearly trebled the share price of small minerals explorer Ardent Resources after it announced plans to acquire the business.

6. SafteyCulture, a Townsville-based startup aiming to simply workplace safety auditing and documentation, has just secured $6.1 million in Series A funding to grow its engineering teams and start sales and marketing.

7. 4 things to consider when choosing to work for a startup or a corporate.

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