The Australian market clawed back the falls from the start of the week with local stocks rallying for the third session in a row as investors ignored the Greek debt crisis to buy back in.
Here’s the scoreboard:
- S&P ASX 200: 5,599.80 +84.14 +1.53%
- All Ordinaries: 5,587.90 +81.94 +1.49%
- AUD/USD: 0.7632 -0.0011 -0.15%
On Wall St, the S&P 500 closed up 0.7%. On the local market, all ten sectors were higher, adding to the 1.74% gains on Tuesday and Wednesday. About $43 billion has been added to market capitalisation over the last two days.
The ASX 200 is now at 5,599.80, a 3.2% recovery from Monday’s close when 2.2% was wiped from the market over fears of an approaching Greek debt default.
Today financial stocks led the market, with the major banks all picking up. Westpac was 1.95% to $33.01, the NAB 1.7% to $34.04, the Commonwealth 1.66% to $87.450 and the ANZ 1.26% to $32.91.
The miners recovered from falls during early trade, with BHP up 1.31% to $27. Fortescue Metals was up 4.3% to $1.91.
The top stories on Thursday:
1. Pacific Brands shares soared as the company’s new strategy on concentrating on key brands started to pay off. The company now expects better profits after a lift in sales due to a better performance by its Bonds and Sheridan lines. Its shares closed 50.7% higher at $0.49.
2. Where Warren Buffett might invest next in Australia. Credit Suisse takes a hard look at the prospects.
3. Here’s why the recent surge in Australian employment is unlikely to last. Using ABS figures to chart the acceleration in employment growth in the past 12 months.
4. Daily deals. Australian online retail sales fell unexpectedly in May. This is why.
5. Australian May trade data falls short. The nation recorded a trade deficit of $2.751 billion, below the median market forecast of $2.2 billion.
6. Here’s why Deutsche Bank thinks Flight Centre’s international travel market is solid. International travel is still growing.