Markets Live: ASX lifts through afternoon on banks

In May, Big Review TV, the operating company that produced online videos for small businesses to file for administration while controversial chief executive Richard Evertz stepped down from his role.

Jonathan Shapiro has the full story here.

Mr Shipton told the royal commission on Friday that it was a "mistake" not to launch an investigation into CBA's selling of the often-worthless insurance products connected to credit cards and personal loans earlier than October this year.

He reiterated that an investigation into National Australia Bank for its fraudulent introducer program should also have been launched more quickly.

No enforcement proceedings have yet been initiated for either matter.

James Eyers has the full story here.

The major banks are all trading firmly higher through the afternoon, followed by Woolworths and Wesfarmers.

Costa Group is up 4.6 per cent, ARB Corp is up 4.4 per cent and Sigma Healthcare is up 4.1 per cent.

CSL is down 1.4 per cent as is Telstra, with both stocks weighing the market. BHP Group is also lower.

Technology One shares are 7.6 per cent lower, Automotive Holdings is down 7.4 per cent and CYBG is down 4.7 per cent.

And when was this sweeping show of strength made? Well, two or three weeks ago.

The bewilderment of senior counsel Rowena Orr was obvious and infectious.

Chanticleer has the full piece here.

Loading

Replay

Replay Video

Play Video

Play Video

The Australian Securities and Investments Commission, whose chairman James Shipton was accused of being too cosy with the banks on Thursday at the royal commission, was slammed in an interim report by Commissioner Kenneth Hayne for failing to take legal action against corporate wrongdoers.

The regulator's preference for "negotiated outcomes", often hard fought over years by the banks, meant misconduct often "went unpunished", Commissioner Hayne warned.

Edmund Tadros has the full story here.

At $2.70 a share, the takeover bid is a 19 per cent premium to Reject Shop's one-month average price. However it's shares traded as high as $8.35 earlier this year, and have fallen sharply after an slump in sales and an earnings downgrade.

"The offer is opportunistic and undervalues the value of your shares based on the historical performance of the company and its future prospects," Mr Stevens said.

Patrick Hatch has the full story here.

ANZ is leading the market with a 1.4 per cent advance, Woolworths is up 1.8 per cent and Commonwealth Bank has lifted 0.6 per cent.

Costa Group has advanced 6.9 per cent, ARB Corp is up 5.2 per cent and Super Retail Group is trading 4 per cent higher.

CSL is down 1.4 per cent and weighing the market, BHP Billiton is down 0.9 per cent and Telstra Corp is 1.7 per cent.

Automotive Holdings Group is down 6.6 per cent, Technology One is down 6.3 per cent and CYBG is down 6.3 per cent also.

"We are at the beginning of an energy revolution and Fortescue intends to be at the forefront of this once-in-a- generation opportunity," Fortescue chairman Andrew Forrest said.

Fortescue Metals chief executive Elizabeth Gaines said the hydrogen investment opens up new opportunities for the business and helps cut operational costs.

Cole Latimer has the full story here.

It looks set to be the largest group action heard in England.

London and Australian-listed BHP, the world's largest mining company by market value, said it had received correspondence from the law firm but also noted it had so far committed $US780 million ($1.1 billion) to the Renova Foundation, an entity created by the miner and its partners to manage reparations and repairs.

Read the full story here.

"We believe the transaction provides an ideal entry into the US market" with Glen-Gery leading the market in the country's northeast, buoyed by its "reputation for premium products and high exposure to the architectural market," managing director Lindsay Partridge said in a statement to the Australian stock exchange.

Read the full story here.