AUSTRALIAN STOCKS LIFT FOR THE WEEK: What you need to know

The Australian market closed the session lower but the week higher.

Here’s the scoreboard today:

  • S&P ASX 200: 5,236.40 -36.31 -0.69%
  • All Ordinaries: 5,299.20 -37.19 -0.70%
  • AUD/USD: 0.7761 +0.0024 +0.31%

Local shares added 1.5% this week, mostly fuelled by a three-day resources rally following rises in oil and iron ore prices.

This rise further narrowed losses the losses for the year to date with the ASX 200 now just 1.1% down since the start of 2016.

Today the local market followed Wall Street which dropped for the first time in four sessions. The S&P 500 index fell by 0.5%.

On the ASX, the miners lost momentum. BHP was down 3.2% to $20.36, Rio Tinto 2.9% to $51.00 and Fortescue 7.1% to $3.36.

Qantas, which this week cut its capacity growth forecasts after seat demand began to ease over Easter, saw its share price drop more than 13% this week. Today it closed at $3.37.

The top stories Friday:

1. Clive Palmer’s Queensland Nickel is doomed. Creditors owed more than $220 million in the collapse of the refinery today voted unanimously to put the company into liquidation.

2. The global dairy glut. Murray Goulburn, the largest processor of milk in Australia, has gone into a trading halt as it works out how much damage falling dairy prices have done its forecasts.

3. Defying global trends. Santos, which has been cutting costs and restructuring as it tries to catch falling commodity prices, has managed to lift sales revenue where other are losing ground. Santos shares were flat at $4.62.

4. A big private sale. US conglomerate GE bought Melbourne-founded tech startup Daintree for more than $100 million.

5. Rio Tinto is using its strong cash flow to buy back debt. The big miner has launched cash tender offers targeting $1.5 billion of its 2017 and 2018 notes.

6. Slipping. Australia’s sovereign wealth fund, the Future Fund, was not immune to the financial market carnage seen in the first quarter of the year, falling in value by 0.9% to $117.378 billion.

7. Not in the Queen’s reign. Talk of a republic referendum has been thrown around this week, with prime minister Malcolm Turnbull saying that it will happen “when the time is right”.

8. The NBN. Michael Malone, the former CEO and founder of Australian internet company iiNet has joined the board of the NBN as a non-executive director.

9. A state surcharge. Buying a house in Victoria is about to get more expensive for overseas investors.

Follow Business Insider Australia on Facebook, Twitter, and LinkedIn