The Australian market rallied for a second day in a row with a strong lead from Wall Street, less volatility in China and better commodity prices.
Here’s the scoreboard:
- S&P ASX 200: 5,669.50 +45.34 +0.81%
- All Ordinaries: 5,653.10 +43.48 +0.78%
- AUD/USD: 0.7299 +0.0003 +0.04%
On Wall Street, the S&P500 closed up 0.7%. On the local market, nine out of then sectors were higher, adding to Wednesday’s 0.71% rise.
Energy stocks were up 2.25% as a group. Santos was 4.21% stronger at $7.43 and Woodside Petroleum more than 2% to $35.68.
BHP added 2.36% to $26.50 and Rio Tinto also 2.36% to $53.00.
Paladin shares jumped almost 10% to $0.225 after the uranium miner said it had reduced costs by about $US33 million.
The banks were all positive, led by the NAB, up 1.14% to $34.56.
The top stories Thursday:
1. Takeover moves. Quickflix, the local listed Netflix competitor, went into a trading halt pending an announcement over a possible international “acquisition”.
2. GUD reported a 88% rise in full year net profit to $33.24 million, partly due to the success of its Sunbeam home appliances. Its shares closed up 10.88% to $9.38.
3. Freelancer posted record net revenue of $16.8 million, up 41%, and hit positive cash for the six months to June. Its shares closed 12.88% higher at $1.49.
4. Building approvals fell sharply in June. Approvals dropped by 8.2%, the largest percentage decline since September 2014, with the figure well below expectations for a decrease of 0.8%.
5. CommBank has an enormous team of 75 UX designers working on the bank’s websites, wealth management tools, NetBank service and apps.
6. Brian Hartzer’s executive team at Westpac is almost complete. The appointment, which most clearly shows the bank’s direction, is that of Tom Boyles, from the entertainment giant Disney in the US.
7. Local innovation at a global company. Engineers at Google Australia have built a way to explore businesses through virtual reality.