The Australian market rallied today, reversing the losses to start the week, as investors followed Wall Street higher.
Here’s the scoreboard:
- S&P ASX 200: 5,842.10 +44.44 (+0.77%)
- All Ordinaries: 5,811.00 +41.32 (+0.72%)
- AUD/USD: 0.7634 -0.0008 (-0.10%)
Wall Street closed overnight with the S&P 500 stronger by 1.4%.
On the local market, nine out ten sectors were stronger. The major banks were all up more than 1%, led by the Commonwealth at $93.41, stronger by 1.7%. AMP closed up 1.4% to $6.55.
Resources staged a moderate recovery with BHP up 1.26% to $29.77. BC Iron was up 3.85% to $0.405.
The top stories on Tuesday:
1. Insider trader Lukas James Kamay, who bought a $2.3 million apartment from The Block TV series, has been jailed for seven years and three months for his part in the Australian Bureau of Statistics scam.
2. BHP spinoff. South32 will have $US8.3 billion of revenue and intends to distribute a minimum of 40% of earnings as dividends to its shareholders.
3. Shares in Australian biotech Sirtex fell through the floor after disappointing results from a cancer drug trial. The shares closed down 55% to $17.53.
4. Room for one more interest rate cut? RBA Minutes reveal a lack of concerns over house price rises.