Australian stocks closes marginally higher.
Here’s the scoreboard:
- S&P ASX 200: 5,133.10 +14.86 +0.29%
- All Ordinaries: 5,189.10 +14.82 +0.29%
- AUD/USD: 0.7093 -0.0018 -0.26%
The local market traded in negative territory for most of the day as resources stocks lost value following overnight falls in commodity prices.
However, the market rallied in late trade, closing with eight out of the ten sectors higher and adding to Tuesday’s 2.29% rise.
Rio Tinto lost 2.7% to $46.80, South32 3% to $1.24 and Fortescue Metals 3.5% to $2.15.
The major banks added weight with the Commonwealth Bank 1% higher at $77.84.
Cabcharge was up 6.2% to $2.90, after chairman Russell Balding said the company will increase its market share, but still a long way from this year’s high of $5.55.
The top stories Wednesday:
1. Below $20. BHP was sold down as iron ore prices dropped 4.5% and more fallout from the fatal mine disaster in Brazil. It closed at $19.81, a seven year low.
2. More mining fallout. Orica, the world’s biggest supplier of explosives, which today announced a full year loss of $1.267 billion. orica closed 2.3% higher at $15.97.
3. Scap metal. Sims Metal Management, the metals and electronics recycling company, is going on market to buy back up to 10% of the company for about $147 million. Sims was up 0.56% to $7.23.
4. The small mix. Just 12 firms make up half of Australia’s stock market and they’re all facing earnings risks.
5. Big VC fund. First State Super is aiming to invest $250 million in early stage venture capital in the short term.
6. Pressure on Myer. Department store David Jones, under new management since its $2.1 billion takeover by South Africa’s Woolworths group, posted a huge 12.2% increase in sales over the past quarter. Myer was up 1% to $0.97.
8. The glass ceiling. Having women in senior positions may not help other women get ahead.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.