The Australian market surged to post-GFC highs with stocks pushed higher across the board by investors riding a cut in official interest rates.
Here’s the scoreboard:
- S&P ASX 200: 5,707.4 +82.1 (1.46%)
- All Ordinaries: 5,666.2 +79.7 (1.43%)
- AUD/USD: 0.7658 -0.0145 (-1.86%)
The RBA cut interest rates to 2.25% from 2.5% on concerns about economic growth and the strength of the Australian dollar.
The market staged a rally with nine out of 10 sectors gaining ground, led by energy which closed up more than 4%.
Woodside Petroleum was up 3% to $35.69. Among the miners BHP was stronger by 3.55% to $30.65 and Fortescue 2.6% to $2.37.
The banks were all stronger, with the ANZ up 2.22% to $34.11 and the Commonwealth closing up 0.8% to $90.40.
The top stories on Tuesday:
2. The Australian dollar was destroyed. Companies everywhere will be wondering how low it can go.
3. Beach Energy shares went through the roof after Kerry Stokes’ Seven Group bought a strategic stake. They closed up 15.3% to $1.167.
4. BHP finally gets back above the $30 mark. The world’s biggest miner has been under pressure from steeply falling commodity prices, mainly oil and iron ore but today closed up 3.55% to $30.65.