AUSTRALIAN STOCKS LIFT: Here's what you need to know

Australian stocks opened the week higher.

Today’s scoreboard:

• ASX 200: 5,871 +34 (+0.59%)
• All Ordinaries: 5,898 +34 (+0.58%)
• AUD/USD: 0.7409 -0.0010 (-0.13%)

The local market gained ground, clawing back some of last week’s losses after a strong showing on Wall Street where the S&P500 closed 0.4% higher.

Shares in media companies gained after the federal government foreshadowed changes to media regulation.

The Ten network shares jumped 20% to $0.27, Nine 5.7% to $1.38, Southern Cross 2.4% to $1.39 and Seven West Media 3.4% to $0.76.

Three of the Big Four banks finished higher, but ANZ fell another 2.4%. BHP, Rio Tinto and Fortescue all rose as the ASX200 Resources Index gained 1.55%.

The ASX200 Energy Index jumped by 2.35%, with Woodside (1.57%) and Origin (3%) both gaining from a jump in the oil price late on Friday, after the Australian market closed.

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Chris Pash - Business Insider - 8 May 2017