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

Photo: Hannah Peters/Getty Images)

The Australian market closed the week higher.

Here’s the scoreboard:

  • S&P ASX 200: 5,351.60 +87.76 +1.67%
  • All Ordinaries: 5,388.00 +88.40 +1.67%
  • AUD/USD: 0.7249 +0.0041 +0.58%

The local market took off today, on the back of a global rally driven by hints that the European Central Bank is open to providing further economic stimulus.

All 10 sectors were in the green, hitting two months highs following Wall Street where the S&P 500 added 1.7% in trade overnight.

The NAB, which announced a rise in home loan interest rates, led the banks, up 1.92% to $32.44. The ANZ, which also announced higher mortgage rates, was up 1% to $28.90.

BHP was 2% higher at $24.59. Santos was up 2.2% to $6.46 despite reporting a 24% drop in sales to $808 million in the September quarter.

The top stories Friday:

1. All four big banks hike rates. The ANZ is the last of the big four to announce a rise in home loan interest rates. And this is the estimated profit bonus for the banks. And the banks are trying to blame APRA for the higher home loan rates but here’s why they’re wrong.

2. What next for Woolworths? Private equity groups are sniffing at the counters of Big W discount stores.

3. Australia’s largest onshore oil producer. Beach Energy and Drillsearch have agreed to merge creating a leading mid-cap oil and gas company. Drillsearch shares closed more than 25% higher at $0.825.

4. John Ellice-­Flint. He’s the secret weapon in a $7.1 billion Middle East oil money bid for Santos.

5. The 4 key behaviours of one of Australia’s most innovative companies.

6. MATT BARRIE: Innovation is critical to Australia’s future – here’s where to start.

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