AUSTRALIAN STOCKS SURGE AHEAD: Here's what you need to know

Yasuyoshi Chiba/AFP/Getty Images

Australian stocks started a new week with a strong run higher.

Today’s scoreboard:

  • ASX 200: 5,846.80 +32.65 +0.56%
  • All Ordinaries: 5,917.20 +32.45 +0.55%
  • AUD/USD: 0.7873 -0.0022 -0.28%

The local market surged ahead, supported by stronger mining stocks buoyed by higher commodity prices including iron ore.

Rio Tinto added 3.4% to close at $70.55 and BHP 2.2% to $26.95.

The major banks also gained ground, with the Commonwealth 0.7% higher at $77.20.

Evolution was up 1.7% to $2.30 after the gold miner released September quarter results showing higher production and lower costs.

Top stories:

1. Those big power bills. The biggest and saddest problem with the ACCC’s new report on energy prices is we knew its findings 5 years ago.

2. The retail crunch is dragging on profits at Radio Rentals. The Thorn Group has cut its profit forecasts by up to 30%. Its shares fell almost 22% to close at $0.905.

3. German supermarket chain Kauf­land is hiring key staff for Australia. Among them is “Head of Business Intelligence” based in Melbourne’s CBD.

4. The Queensland skydiving site where three people died has been closed temporarily. Skydive the Beach Group issued a statement to the ASX about the fatalities. Its shares were down 7.7% to close at $0.72.

5. Creating an Australian dollar cryptocurrency. Fintech’s secret pitch to the RBA.

6. The ASX200 could fall 20%. Goldman Sachs says to be wary of a sharp fall.

7. The definition for Bogan has just been revised. The sixth edition of the Australian Concise Oxford Dictionary.

8. Robots are changing the way Australian recruiters look at your CV. But Alistair Cox, CEO of recruiting experts Hays, says the human element will always be a part of the process.

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