STOCKS RALLY: Here's what you need to know

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The Australian market rallied on the back of record highs on Wall Street with energy stocks the only sector losing ground.

Here’s the scoreboard:

  • S&P ASX 200: 5,735.50 +39.00 +0.68%
  • All Ordinaries: 5,730.00 +37.50 +0.66%
  • AUD/USD: 0.8046 -0.0036 -0.45%

On Wall Street overnight, the S&P 500 index jumped 1.1%. On the local market, nine out of ten sectors were higher with health care up 1.16% CSL was up 1.35% at $89.18.

NAB, trading ex-dividend, was down almost 2.73% to $34.52. BHP was trading 1.63% higher at $32.49 ahead of its split Monday to create South32.

The top stories for Friday:

1. Atlas Iron owes Twiggy Forrest a beer. That’s because Forrest has changed the conversation about iron ore. The iron ore producer is back in business.

2. Metcash, which operates IGA supermarkets against the big players Coles and Woolworths, wants to float off its Automotive Division which generates about $250 million a year. Its shares closed 11% higher at $1.43.

3. Boardroom telco battle. Vocus Communications has sold its 10% stake in merger target Amcom Telecommunications, a move which will give it a better chance at neutralising a blocking move by rival TPG. Vocus closed more than 2% lower at $5.90. Amcom was up 2.5% to $2.43.

4. The Australian dollar. This chart will have Glenn Stevens smiling over his Weetbix.

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