AUSTRALIAN STOCKS JUST HAD THE BEST RALLY IN 6 MONTHS: Here's what you need to know

A man sits alone with his thoughts as protesters gather outside the Greek parliament to demonstrate against austerity after an agreement for a third bailout. Christopher Furlong/Getty Images

The Australian market had its best day in six months as local investors joined a global rally in response to the Greek debt bailout plan.

Here’s the scoreboard:

  • S&P ASX 200: 5,577.40 +104.23 +1.90%
  • All Ordinaries: 5,561.90 +101.49 +1.86%
  • AUD/USD: 0.7428 +0.0022 +0.30%

On Wall Street, the S&P 500 closed up by 1.1% and the tech heavy Nasdaq 1.5%.

On the local market, all sectors were in the green with about $30 billion in value added to the market. The ASX 200 was 2% higher at one point, but lost momentum to close at a 1.9% premium. The session was the best day rally since mid-February.

The big miners led the local rally. BHP gained 2.61% to $27.10, Rio Tinto 2.99% to $53.07 and Fortescue Metals more than 3.77% to $1.79.

All the banks were higher, with Westpac up 1.97% to $33.61 and the NAB 1.79% to $33.47.

Retailers gained with JB Hi-Fi up 1.95% to $19.90, Myer 1.64% to $1.24 and Woolworths 2.21% to $27.72.

The top stories Tuesday:

1. Australian business confidence soars in June, ignoring Greece and China, according to the latest NAB business survey. But consumer sentiment fell to a 12-month low last week.

2. Telstra Ventures has invested in Singapore-based voice tech startup enepath in a bid to build out its fintech portfolio. Telstra closed up 1.45% to $6.32 in a rising market.

3. Shares in Novogen soared after the biotech announced details of a study which shows its drug Anisina has the potential to improve the effectiveness of chemotherapy in children and reduce life-long side effects. Novoigen shares closed up 6.38% to $0.250.

4. Medlab Clinical, which is looking at trials of medical cannabis in NSW, had its ASX debut today. The biotech will use some of the $6.17 million from the IPO to research cannabis as a pain relief drug.

5. Exiting island branches. Westpac has completed the sale of its operations in three Pacific Island nations but has stumbled at the Solomon Islands and Vanuatu.

6. ResApp, which is testing an app to diagnose respiratory illnesses through a smartphone, re-listed on the ASX today at a premium.

7. Indonesia has cut Australia’s quota for live cattle exports from 250,000 to just 50,000 head of cattle for the current quarter ending September 30.

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