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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