AUSTRALIAN STOCKS RALLY: Here's what you need to know

Photo: Scott Barbour/Getty Images

The Australian market posted its biggest gain for two weeks.

Here’s the scoreboard:

  • S&P ASX 200: 5,115.20 +84.78 +1.69%
  • All Ordinaries: 5,133.50 +82.49 +1.63%
  • AUD/USD: 0.6963 +0.0039 +0.56%

All ten sectors closed in the green. The major banks and the big miners both stronger. The ANZ was up 3.07% to $27.53 and the Commonwealth 2.56% to $74.17.

BHP added 2.11% to $24.70 and Rio Tinto 2.18% to $50.22.

Energy stocks gained more than 2.5% on the bank of a $11.65 billion potential merger between Woodside and Oil Search. Santos was up 5.25% to $4.41.

The top stories for Tuesday:

1. Woodside Petroleum and Oil Search are in talks to merge the two energy companies. Oil Search closed up more than 17% to $7.88. Woodside was down 3% to $29.64.

2. Bitcoin Group is closer to becoming the world’s first cryptocurrency miner to float on a stock exchange. The company re-released its prospectus after having to withdraw the documents following questions from the ASX.

3. Deutsche Bank bullish on Australian banks. “The solid macro backdrop should be good for banks.”

4. Australian consumer confidence fell last week. The latest ANZ-Roy Morgan consumer confidence index dropped 5.8% to 106.7.

5. RBA: Here’s why property prices close to town have been rising faster than the outer ring.

6. The peak? DEUTSCHE BANK: We examined 200 years of data and concluded stocks, bonds, and housing are at peak valuation.

7. Australia’s jobs market is strong, for now. Job ads in August rose 1% seasonally adjusted.

8. NSW and Victoria are driving growth, according to the NAB Business Survey.

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