AUSTRALIAN STOCKS TAKE OFF: Here's what you need to know

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Australian shares surged to their best one day performance of the year.

Today’s scoreboard:

  • ASX 200: 5,783.80 +99.31 +1.75%
  • All Ordinaries: 5,819.60 +92.12 +1.61%
  • AUD/USD: 0.7607 -0.0054 -0.70%

The local market took off, regained the 5700 point level on the ASX200 and kept going, adding almost 100 points by the close and regaining lost ground from last Friday’s big fall.

The major banks lifted the market, with Westpac 3.2% higher at $31.39, the NAB 2.7% to $30.34, the ANZ 2.2% to $29.29 and the Commonwealth 1.9% to $84.00.

Prices for oil and other commodities rose, lifting resources stocks.

BHP was up 2.2% to $23.76 and Woodside Petroleum 1% to $30.24.

Retail stocks jumped after better than expected official retail sales numbers.

JB Hi-Fi was up 5.2% to $24.48, Harvey Norman 5% to $3.99, Myer 3.6% to $0.86 and Speciality Fashion 8.8% to $0.43.

Top stories:

1. Retail sales smash expectations. According to the ABS, nominal retail sales jumped by 0.6% in seasonally adjusted terms, topping expectations for an increase of 0.2%.

2. Robo advice on ethical investments. Tom Culver, CEO and co-founder of Goodments, an app which gives robo advice on whether potential investments will do good for the world, has been named as winner of the inaugural EY WAMTech PitchFest.

3. No rush to lift rates. The Reserve Bank of Australia left interest rates steady at 1.5% at the conclusion of its July monetary policy meeting, an outcome that was expected by economists and markets alike.

4. Guvera co-founder blames partners for collapse. Claes Loberg says the most important lesson is to choose capital partners wisely.

5. Consumer confidence hit a 3-month high. The ANZ-Roy Morgan consumer confidence index rose by 2.4% last week, to its highest level since early April.

6. The Medicare data breach. The federal minister for human services Alan Tudge has referred the leak of private Medicare information to the Australian Federal Police.

7. The Australian stocks that Warren Buffett might pick. Credit Suisse has released its annual “Bufferoo” portfolio.

8. PHOTO: Will someone claim this suitcase stuffed with $1.6 million in cash?

9. Shell’s gargantuan Prelude. The world’s largest floating structure is on its way to Australia.

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