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

The Australia team at the Women’s Team Free Synchronised Swimming Preliminary on day four of the World Championships in Kazan, Russia. Clive Rose/Getty Images

The Australian market rallied on the back of a stronger Wall Street and Europe and less volatile trading in China.

Here’s the scoreboard:

  • S&P ASX 200: 5,624.20 +39.52 +0.71%
  • All Ordinaries: 5,609.60 +38.58 +0.69%
  • AUD/USD: 0.7313 -0.0024 -0.33%

On Wall Street, the S&P500 closed up 1.2%. On the local market, all ten sectors closed higher.

Among the miners, BHP was up more than 2% to $25.89 and Rio Tinto 0.9% to $51.780.

A strengthening iron ore price pushed Atlas Iron, whose share price has been hammered recently, up more than 6% to $0.035. Fortescue Metals closed more than 7% higher at $1.88.

The major banks were higher, led by the NAB, up 0.92% to $34.17.

The top stories Wednesday:

1. Property loans. AMP, one of Australia’s largest financial institutions, is calling a halt to investor lending until the end of the year.

2. Virgin Australia improved its full 2015 year bottom line by $261.8 million as it heads towards profit again after an end to the so-called seat war with Qantas. Virgin closed up 1.12% to $0.45.

3. Medlab Clinical, which listed on the ASX this month, has been given NSW Government approval for trials of medical cannabis as a pain reliever. Its shares closed up 2.7% to $0.19.

4. The Ok Tedi mine, in the remote Star Mountains of Papua New Guinea, is going into a temporary shut-down as copper prices drop and water levels run low on the Fly River, the only transport route for ore.

5. This is why China is desperate to prop up the stock market.

6. Shares in Australian miner Alacer Gold, which runs the Copler mine in eastern Turkey, jumped on rumours of a takeover. Its shares closed up more than 8% to $2.83.

7. Australian miners plan to cut more jobs and close mines.

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