Australian stocks closed higher.
Here’s the scoreboard:
- S&P ASX 200: 4,945.90 +21.52 +0.44%
- All Ordinaries: 5,024.60 +24.19 +0.48%
- AUD/USD: 0.7561 +0.0017 +0.23%
The market broke a four day slide but the ASX 200 was still stuck below 5000 points and was down almost 2.7% since the start of April.
Today eight out of ten sectors were higher. The banks held the market back but resources stocks followed a rally in oil prices, pushing energy stocks 3% higher.
Westpac, in court for alleged “manipulation” of the benchmark bank bill swap reference rate, fell 1.5% to $28.68.
BHP added 1% to $16.14, Fortescue 2.3% to $2.60 and Woodside Petroleum 2.8% to $24.62.
The top stories Wednesday:
1. More rate cuts to come? This CBA team found a tiny change to the RBA’s April statement that suggests two cuts in 2016. Also read: Here’s what economists are saying about the RBA’s latest policy statement.
2. The budget could hit its target. The deficit in February was at its lowest in two years.
3. Coal gas power station in South Australia. Leigh Creek Energy is now working with China giant Shanghai Electric Power Generation Group to build a power station.
4. Trading halt extended. Arrium’s CFO goes as the miner seeks a deal on its $2 billion debt.
5. Up by 11%. Spanish infrastructure company Ferrovial has upped its takeover offer for Broadspectrum, the renamed Transfield Services.
6. Fantasy sports. The ASX-listed digital media company migme has closed a strategic partnership with CricBattle to launch fantasy sports ahead of the 2016 Indian Premier League cricket season.
7. Live the dream. Australians are now No. 7 in the world when it comes to life expectancy.