Australian stocks are soaring today

Photo by Bradley Kanaris/Getty Images

On the back of late rally in US markets, renewed takeover activity and strength in the iron ore price, Australian stocks are rallying hard again on Thursday.

First, the scoreboard as at 12.30pm AEDT.

  • ASX 200 5197.00 , 63.89 , 1.24%
  • All Ords 5250.10 , 61.01 , 1.18%
  • AUD/USD 0.7143 , 0.0033 , 0.46%

All sectors are trading higher with gold, up 4.0%, leading the charge higher. Elsewhere resources have added 2.2%, closely followed by consumer staples at 1.54%. Financials, the largest sector by index weight, are also putting in a good show, rallying 1.31%. All other sectors are higher by between 0.7% to 1%.

In stock specific news, Australian online foreign exchange operator OzForex has received a unsolicited, non-binding takeover approach from rival foreign exchange services provider Western Union. Shares in the firm have soared on the news, rising more than 30% to $3.36.

All of the big four banks are higher by more than 1%, led by the NAB at 1.9%. Rio Tinto, BHP Billiton and Fortescue are rallying strongly, putting on between 2.4% to 4.3%, while Telstra has added 0.4%.

Australia’s big two retailers – Woolworths and Wesfarmers – are higher by 0.09% and 2.27% respectively.

On the data front there are no major domestic releases scheduled.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.