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

Jordon R. Beesley/U.S. Navy via Getty Images

Australian stocks surged for the second day in a row.

Here’s the scoreboard:

  • S&P ASX 200: 5,146.80 +47.94 +0.94%
  • All Ordinaries: 5,171.20 +47.59 +0.93%
  • AUD/USD: 0.7188 -0.0010 -0.15%

The local market is up 1.4% so far this week, after see-sawing rises and falls, up Wednesday by 1.60%, down Tuesday by 1.53% and up Monday by 0.50%.

Local investors today followed Wall Street where the S&P 500 closed 0.9% higher overnight.

The ASX 200 was up by as much as 1.8% but the market lost steam toward the close. Nine out of ten sectors were higher, with energy stocks leading the pack, buoyed by a 6% rise in the price of oil.

Woodside Petroleum was up 2.9% to $29.95 and Santos 2% to $5.00. BHP added 2.84% to $24.65.

The major banks were all stronger, led by The NAB, up 1.38% to $30.93.

The top stories for Thursday:

1. All go. The ANZ has regulatory approval to close the $1.5 billion sale of its vehicle finance company Esanda to Macquarie Bank. Macquarie shares were flat, down just 0.29% at $78.00. The ANZ was up 1.08% to $28.18.

2. A better outlook. Oroton posted a full year 68% fall in profit to $2.6 million, dragged down by the cost of establishing Brooks Brothers and Gap in Australia. Oroton shares were up 4.4% to $2.34.

3. In the red. Australia’s superannuation funds, smashed about by a volatile stock market, have had their worst month since the GFC.

4. An investigation. Shares in Australian Careers Network fell more than 10% after the federal education department was ordered to investigate one of its training providers in Melbourne. Its shares closed down almost 6% to $$2.70.

5. Why the US Fed decision overnight affects Australia and the world. the US Federal Reserve’s Open Market Committee will announce its decision on whether it will increase interest rates for the first time since May 2006.

6. VIDEO: The Taiwanese animators took on Australia’s revolving door leadership – and nailed it.

7. The Aussie dollar is poised for a HUGE rally. The Aussie dollar rallied overnight.

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