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

Kevork Djansezian/Getty Images

Australian stocks closed higher.

Today’s scoreboard:

  • ASX200: 6,037.00 +45.10 +0.75%
  • All Ordinaries: 6,151.10 +44.90 +0.74%
  • AUD/USD: 0.7985 -0.0031 -0.39%

The local market surged ahead, regaining the 6000 point mark on the ASX200.

The major banks carried the market higher, with Westpac up 1.05% to $30.89 and the ANZ 1.5% to $28.73.

Online property classified site Domain was up 9% to $3, regaining about half the losses of Monday after the CEO resigned.

Lynas Corp was up 7.3% to $2.18 after saying demand for rare earths in all markets remains strong.

Top stories:

1. QBE is about to post a loss of $1.2 billion. The insurance giant cited increased payouts for disasters, a loss of tax credits in the US and an impairment charge. QBE shares closed at $10.43, down 0.5%.

2. Lending to those who couldn’t pay. The Thorn Group has settled with the corporate regulator ASIC (Australian Securities and Investments Commission) a long-running investigation into breaches of responsible lending practices by its consumer leasing business Radio Rentals.

3. JB Hi-Fi becomes a global top 250 retailer. The Deloitte Global Powers of Retailing report, now in its 21st year, puts JB Hi-Fi’s in the global ranks after its acquisition of The Good Guys in November 2016 and consistent sales growth. JB Hi-Fi shares were up 2.4% to $28.51.

4. The global innovation model is at risk. CEOs see more splintered societies and corporate consolidation on the way.

5. The 3 threats to Australian retailers in 2018. Australia retailers can expect further competition from global players this year, according to the latest the Deloitte Global Powers of Retailing report.

6. Strong sales numbers from ResMed. Overall revenue for the three months to December was up 13% to $US601.3 million. Its shares jumped 8.4% to close at $11.97.

7. Matured. Alibaba said it would hire staff older than 60 and received 1,000 applications in 24 hours.

8. Getting hired. The basic mistakes Australians make on a CV.

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