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

The Australian market rallied, spurred by a stronger Wall Street, with the miners gaining ground and financial stocks ending stronger.

Here’s the scoreboard:

  • S&P ASX 200: 5,891.50 +45.41 (+0.78%)
  • All Ordinaries: 5,861.90 +45.64 (+0.78%)
  • AUD/USD: 0.7636 -0.0018 (-0.24%)

In the US, the S&P 500 index rose 1.2% overnight on the back of good economic data.

The Australia market took off in early trade, adding 1.4% in value, before profit taking cut the rally to 0.78%, well short of the 1.25% lost at the start of the week.

All ten sectors were stronger today. BHP led the market, ending up more than 3% higher at $31.03. Rio Tinto was up 3.47% to $57.23 and Woodside Petroleum 1.53% to $34.52. The banks all closed higher, led by the ANZ Bank, up 0.77% to $36.64.

The top stories Tuesday:

1. MYOB lodged its IPO prospectus. The float, expected on May 4, values the Australian accounting company at an enterprise value of between $2.34 billion to $2.69 billion.

2. Premium wines. Treasury Wine Estates, on track to save $35 million this year, is targeting more costs as it puts wineries up for sale. Treasury shares closed 0.78% down to $5.12.

3. OtherLevels, a US-based mobile marketing startup, made its debut on the ASX today. At one stage the IPO price of 20 cents a share went to 29 cents. The shares closed at 23 cents.

4. Blackmores shares soared after the vitamin maker said third quarter profit would be 20% higher than anticipated. Group sales for the third quarter are expected to close around 10% higher.Its shares closed up more than 11% to $54.55.

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