AUSTRALIAN STOCKS RALLY: Here's What You Need To Know

Getty/Craig Sillitoe

After two consecutive days of losses, the Australian stock market staged a slight recovery today closing up 0.52%.

Here’s the scoreboard.

  • S&P ASX 200: 5,381.50 +27.89 (+0.52%)
  • All Ordinaries: 5,359.40 +24.91 (+0.47%)
  • AUD/USD: 0.8113 +0.0037 (+0.46%)

Energy stocks were down yet again with Senex falling more than 9% and coal miner Whitehaven falling more than 5%.

And here are the top business stories today.

  1. Stunning November building approvals data was released earlier today, up 7.4% month-on-month, it was a massive beat on market expectations which was expecting a drop.
  2. Iron ore miner Arrium was on a tear. It closed the day up more than 15% and was the most traded stock on the ASX. More here.
  3. Qantas, the world’s safest airline, has been fined $200,000 for selling dangerous toys.
  4. Citigroup has slashed its crude oil price forecasts, a move which could trigger some big cuts to earning estimates for some of Australia’s oil and gas companies. The bank expects the global benchmark to average about $US63 a barrel for 2015 – a drop of more than 22% compared to previous expectations. The investment bank has also slashed its financial year profit forecasts for Santos by 77%, for Oil Search by 40% and for Origin Energy by 8%. More here.
  5. CommBank expects the RBA’s official cash rate of 2.5% will remain on hold for the rest of 2015.

Here’s the chart.

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