AUSTRALIAN STOCKS EDGE HIGHER: Here's what you need to know
Australian stocks closed higher for the fifth session in a row.
The scoreboard:
- S&P ASX 200: 5,388.50 +35.28 +0.66%
- All Ordinaries: 5,470.30 +37.08 +0.68%
- AUD/USD: 0.7589 -0.0034 -0.45%
The local market was swept along in the global rally again. The ASX 200 couldn't quite break through the 5400 mark on the index but local shares are up 3% so far this week.
A surge in prices for iron ore also helped local miners including Fortescue Metals which added 5.5% to close at $4.40.
BHP was up 3.2% to $20.58 and Rio Tinto 2.8% to $50.78. Bluescope Steel was up almost 4% to $7.32.
The banks all made gains with the ANZ up 1.2% to $24.50 and the NAB 0.9% to $25.34.
BT Investment, marked down during the early days of the Brexit vote in the UK, was up 4.9% to close at $8.30.
Nickel miner Western Areas surged 13% to close at $3.01 after the price of the ore rose overnight on speculation that the Philippines would stop unlawful mining.
Engineering group Downer EDI was up 2.8% to $4.04 after getting a contract to do work on an underground railway in New Zealand, bringing to $400 million the value of contracts won in NZ recently.
The top stories Wednesday:
1. The banks will get a little back but shareholders won't. The collapse of Dick Smith is likely to mean a shortfall to creditors of more than $260 million.
2. The 8 causes of Dick Smith's collapse. McGrathNicol, administrators of the failed electronics retailer Dick Smith, has released the first report for creditors.
3. Fighting the flu. Recce, a small Australian pharmaceutical research company, announced that one its drugs has been found in tests to be an effective anti-viral. Recce shares closed almost 20% higher at $0.275.
4. SHORT STACK. Traders really don't like MYOB.
5. A $100 million gift to the Australian National University. Trader Graham Tuckwell became one of Australia's most generous philanthropists.
6. SLIDE DECK. JP Morgan's giant guide to Australian and global markets.
7. Election 2016. Western Australia may end up re-voting for the second time in a row because of a One Nation candidate.
8. Pokémon GO. There's now a betting market on which Australian venue will ban the game first. Also read: An Airtasker user is offering $100 a day to someone to catch Pokemon for them.
9. A secret wet kiss. A new type of underwater microscope has uncovered something unusual about coral reefs -- they like to kiss.
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