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

Australia’s Daria Gavrilova celebrates during the Ladies Singles first round match against Mariana Duque-Marino of Colombia at the 2016 French Open in Paris. Dennis Grombkowski/Getty Images

Australia stocks surged higher.

Here’s the scoreboard:

  • S&P ASX 200: 5,372.50 +76.93 +1.45%
  • All Ordinaries: 5,436.80 +74.90 +1.40%
  • AUD/USD: 0.7210 +0.0028 +0.39%

The losses of early in the week were wiped out as the local market rode the back of improved sentiment on Wall Street where the S&P 500 closed 1.4% higher.

The ASX 200 has gained 2.3% this month.

Today Australia’s major banks all added weight with Westpac back above $30 a share, at $30.44, up 2.2%.

BHP added 2.8% to $18.90 and Rio Tinto 1.8% to $45.03.

Boral added 2.4% to $6.82 after reaffirming full year profit guidance.

CYBG, the Clydesdale Bank in the UK the NAB spun off earlier this year, was up more than 11% to $5.27 after posting better than expected results for the six months to March.

Programmed Maintenance Services shares jumped 13% to $1.655 despite reporting a net loss of $98 million for the year to March. However, the company reaffirmed guidance for the new financial year.

The top stories Wednesday:

1. The $2.3 billion hit. Wesfarmers announces writedowns and restructuring costs associated with struggling retailer Target and its coal business. Also read: Not one of Richard Goyder’s better days. And: Here’s why the stunning decision was taken to wipe a billion dollars from Target’s value. Wesfarmers shares were down just 0.17% to $41.90.

2. Who’s hiring and where. There are 166,000 job vacancies in Australia right now.

3. But watch out for pay. Australian wage growth, already at record lows, could slow further.

4. And it’s not always about the cash. This is how Australian workers want to be rewarded — and it’s not just money or promotion.

5. Where to next for the Australian dollar? ANZ believes Australia isn’t as safe as its AAA credit rating would suggest.

6. Women on boards. More are taking a place at the board tables of Australia’s top 200 companies but the pace of change in the corporate world is still slow.

7. The milk glut. There are a lot more problems with the dairy industry than the price of milk.

8. Australia’s hottest startups. Or, rather, these are the ones to watch.

9. The Johnny and Barnaby show. Depp says Joyce looks like he’s “inbred with a tomato”. The Nationals leader says he’s “turning into [Depp’s] Hannibal Lecter”.

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