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.