Australian stocks surged higher.
Here’s today’s scoreboard:
- S&P ASX 200: 4,843.50 +78.15 +1.64%
- All Ordinaries: 4,893.40 +76.79 +1.59%
- AUD/USD: 0.7156 +0.0049 +0.69%
The local market rallied hard into the close, pushed along by a rally on Wall Street on Friday where the S&P 500 was up almost 2% after a weak of heavy selling.
The ASX 200 is still down 8.5% since the start of 2016.
Today the major banks and the big miners led the market higher with energy stocks back in favour because of strong rises in the price of oil.
The ANZ bank was up almost 3% to $22.84 and the NAB 2.5% to $24.75.
BHP added 5.9% to $15.98, Rio Tinto 4.3% to $42.22, South32 almost 8% to $1.16, Woodside Petroleum 5% to $27.95 and Fortescue Metals 5.2% to $1.70.
The Bendigo and Adelaide Bank shares fell 4% to $8.86 after its reported half year cash earnings up 2.7% to $223.7 million and net profit down 8.2% to $208.7 million.
The top stories Monday:
1. Money in detention. Broadspectrum, which was Transfield Services until its changed its name because of controversy over its role running offshore detention centres, has posted a statutory profit of $25 million, up from $8.4 million the year before. Its shares closed 7% higher at $1.14.
2. Less freight. Aurizon, Australia’s largest rail freight operator, has dropped into a loss as tonnages and revenue decline. Its shares dropped more than 11% to close at $3.42.
3. Restructure coming. Paul Zuckerman, a former senior executive at Fletcher Building, has been appointed CEO of Bradken, promising to push ahead with restructuring the mining services group. Its shares rose almost 6% to $0.535.
4. Big diamond for small miner. An Australian miner, the Lucapa Diamond Company, announced the discovery of an enormous 400-carat diamond. Its shares closed 28% higher at $0.41.
5. Currency blues. Amcor expects higher earnings for the full year despite a higher US dollar stripping $US37 million from profits. Amcor was up almost 10% to $13.40.
6. The rebalancing of China’s economy. China just posted some shocking trade data and it’s a worrying sign for global growth.
7. What slowing is that? The Sydney property market is heating up again.
8. Extra radish with your salad. Yellow, the popular Potts Point bistro run by chef Brent Savage and sommelier Nick Hildebrandt, is turning vegetarian.
9. Australian dreaming. I chased the work-from-home dream — and ended up in Tasmania.