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

Getty/Paula Bronstein

Australian stocks, with the exception of the miners, added to their 3.6% run last week with another strong performance today, aided by a positive Wall Street.

Here’s the scoreboard:

  • S&P ASX 200: 5,547.20 +45.38 (+0.82%)
  • All Ordinaries: 5,511.50 +43.31 (+0.79%)
  • AUD/USD: 0.7933 +0.0008 (+0.10%)

Overnight, Wall Street was up slightly with the S&P 500 index was up 0.3%.

Locally, the major banks were stronger, led by the ANZ, up 1.15% to $32.57, and the big miners were weaker, led by BHP, down 1.46% to $28.95.

The top stories on Tuesday:

1. More oil and gas companies could skid closer to rating downgrades if crude prices don’t pick up, says Standard & Poor’s. S&P says the outlook for Santos remains negative.

2. Fortescue Metals stock got smashed following further falls in the price of iron ore. The shares were down 10% at one stage but closed at $2.08, or 2.35% weaker.

3. The surge in Australian jobs could be over, according to Westpac whose jobs index increased in December. However, it says this could be the peak.

4. Australia is a patchwork economy with little-to-no momentum. Australian business conditions fell for the second consecutive month, according to the NAB’s Monthly Business Survey for December.

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