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Posted: 2017-11-02 18:26:03

Australian stocks closed higher.

Today’s scoreboard:

  • ASX200: 5,959.90 +28.19 +0.48%
  • All Ordinaries: 6,030.30 +28.14 +0.47%
  • AUD/USD: 0.7691 -0.0022 -0.29%

The local market surged on the final session of the week pushing the ASX200 index 0.6% higher over the five days.

Today the big miners supported the market, with BHP up 1.2% to $27.69 and Rio Tinto 1% to $73.11.

Among the banks, Westpac was 0.8% higher at $33.27 but the NAB was down 0.5% to $31.78.

Bubs Australia was up 3.7% to $0.82 after announcing plans to become Australia’s only vertically integrated producer of goat infant formula.

Genworth was down 1% to $2.81 after the mortgage insurer posted third quarter results with year to date net profit after tax down 34% to $120.7 million.

Top stories:

1. Retail blues. According to the Australian Bureau of Statistics (ABS), nominal sales growth was flat at 0.0% in seasonally adjusted terms, short of forecasts for a gain of 0.4%.

2. An ICO (Initial Coin Offering). This is what it all means.

3. Scott Farquhar: “The uncertainty over the visa situation in Australia will increasingly force people towards the centre of gravity of tech — which is in the US.”

4. Australia’s services sector is sliding. The Ai Group’s Performance of Services Index (PSI) fell by 0.7 points to 51.4 in October in seasonally adjusted terms.

5. A 12 month report card: The typical Australian fintech startup enjoyed a 208% jump in revenue this year. Also read: A fintech leader warns there will be consolidation among startups.

6. 4 mistakes to avoid in a job interview. A startup CEO and former Googler.

7. PHOTOS: Huge gold nuggets found in Western Australia.

8. Charismatic. Scientists say they can measure your charisma with only 6 questions.

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