Australian stocks closed higher.
- S&P ASX 200: 5,197.90 +30.50 +0.59%
- All Ordinaries: 5,228.40 +29.38 +0.57%
- AUD/USD: 0.7180 +0.0014 +0.20%
The Australian market see-sawed from positive to negative and back again. In the end, the market was buoyed by energy stocks which rallied more than 6% on higher oil prices.
Six out of 10 sectors were higher, adding to Tuesday’s 0.33% gain and Monday’s 1.95% rise.
Wooside Petroleum was up almost 6% to $32.10, Santos almost 12% to $5.07 and LNG 21.6% to $2.08.
The major banks all gained, with the NAB up 0.87% to $31.19. The Commonwealth was flat, up just 0.05% to $75.00.
The top stories for Wednesday:
1. A new CEO. Digital disruption is top of the agenda for the new chief at insurance giant IAG. Its shares were up just 0.2% to $4.98.
2. Prices really are down. The threat of a price war between the big two supermarkets, Coles and Woolworths, has eased, according to analysis by according Deutsche Bank.
3. Where to find them. Eight times more jobs were created over the last five years in Australia than were lost.
4. The dollar rises. Building upon strong overnight gains, the Australian dollar has continued to push higher in Asian trade, rising to a session high of 0.7183.
5. Australian residential construction is going ballistic. The latest Ai Group – HIA performance of construction index.
6. Mike Cannon-Brookes says claims Atlassian’s US IPO will hurt Australian tech are “bullshit”. It’s a far better option than a reverse takeover.
7. All by design. Australian design startup Canva has just closed a $US15 million ($AU21 million) capital raising, taking total funds raised to $27.6 million.