RECORD FALLS AS AUSTRALIAN STOCKS RALLY: Here's what you need to know

Dwayne Dunn riding Chautaqua winning heat two of this mornings jump outs at Flemington Racecourse in Melbourne. (

Australian stocks cruised to a record 12th straight positive trading day driven by better oil prices, a stronger Wall Street and the continuing glow from the RBA interest rate cut.

Here’s the scoreboard:

  • S&P ASX 200: 5,820.20 +9.22 (+0.16%)
  • All Ordinaries: 5,774.70 +9.23 (+0.16%)
  • AUD/USD: 0.7832 +0.0033 (+0.43%)

Wall Street was up 1% overnight and oil prices improved by around 4%.

The 12 positive trading sessions in a row is a record for the ASX 200 index. The local market is up about 4% this week and 10% since the start of 2015.

The top stories on Friday:

1. It’s all over in Canberra. There will be little done until the Tuesday Liberal parliamentary leadership party room spill.

2. Virgin Australia is back in the black with improved trading conditions pushing underlying profit before tax to $55.3 million for the second quarter. Its shares closed 2.25% firmer at $0.455.

3. Economic outlook. RBA revised its outlook for GDP, inflation and employment.

4. Australia’s construction sector is still contracting. The release of the AiGroup/HIA Performance of Construction index brings uncomfortable economic news and another pointer to what the RBA saw and many missed.

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