Australian stocks closed higher.
Here’s the scoreboard:
- S&P ASX 200: 4,976.20 +29.76 +0.60%
- All Ordinaries: 5,028.10 +27.31 +0.55%
- AUD/USD: 0.7042 +0.0016 +0.22%
The local market hit a positive close for the second time this week, reversing falls in early trade. Nine out of ten sectors were higher but the market is still down more than 6% since the start of 2016.
The miners and energy stocks led the market. Rio Tinto was up more than 2% to $38.93 and Woodside Petroleum 1.4% to 26.37.
The major banks all gained weight with the ANZ up 1.5% to $24.04.
The top stories for Thursday:
1. The ports and rail war. Chris Corrigan’s Qube reveals its next move in the bidding for Asciano. Asciano shares closed 4% higher at $8.84.
2. The missing cash flow review. Shares in Slater and Gordon fell heavily again today after it told the market it was still reviewing its cash flow. The shares closed more than 14% lower at $0.630.
3. Fast work. Fortescue, with its margins squeezed by falling iron ore prices, has been able cut costs six months faster than planned. Its shares closed more than 4% higher at $1.52.
4. A new head of the rich list. Gina Rinehart has lost her crown as Australia’s richest person after the global fall in iron ore prices stripped billions from her wealth.
5. Margin squeezed by dollar. Investors punished Lovisa after the fashion jewellery and hair accessory group issued a disappointing full year earnings guidance. Lovisa shares lost more than 35% to close at $2.37.
6. Paying invoices sooner. This dramatic chart is one of the most encouraging signs you’ll see for Australia’s economy
7. Now falling. After three years of soaring property prices in Sydney, house prices have had the largest quarterly drop on record.
8. Take that, Netflix. Australian streaming service Stan has announced that it has signed a long-term, exclusive licensing agreement with Showtime.
9. The big bucks. People in Australia working in these 5 jobs can expect big pay rises this year.
10. Tasty. The 20 best restaurants for business meetings in Sydney
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