Australian stocks closed higher.
Here’s the scoreboard:
- S&P ASX 200: 5,272.70 +56.75 +1.09%
- All Ordinaries: 5,336.40 +55.23 +1.05%
- AUD/USD: 0.7813 +0.0018 +0.23%
The local market surged for the third day on a rally in resources stocks.
The losses of 2016 have almost been erased. The ASX 200 is down just 0.4% or about 23 points since the beginning of January after gaining 3.7% so far in April.
The big miners today again led the way supported by a rebound in oil prices, with BHP closing 3.4% higher at $21.05 and Rio Tinto 2.4% to $52.55.
Energy stocks rallied 5.7% with Woodside Petroleum was up 5.8% to $27.95 and Santos almost 10% to $4.63.
The banks were all in positive territory with the ANZ up 1.6% to $24.30.
The top stories Thursday:
1. Business investment. The missing piece of Australia’s economic growth puzzle might be about to fall into place.
2. The commodities surge. BHP Billiton doesn’t see the rally in iron ore and coal lasting.
4. The Bugcrowd. An Australian digital security startup which works with Tesla and Pinterest just raised $19 million.
5. Wesfarmers does it again. Coles increased sales by 5.9% to $7.5 billion in the latest quarter. And its stablemate Bunnings ramped up sales by 11% to $2.6 billion. Wesframers shares closed 2.7% higher at $42.20.
6. Back in the black. Ten posted a $13.375 million half year profit as the free-to-air network grew its audience and benefited from a deal with Foxtel. Ten shares lost 0.5% to cvlose at $1.005.
7. CHAMP Private Equity shows its hand. It wants to pump $150 million into Bradken, the mining services whose business has shrunk in the resources downturn, in return for a bigger stake. Braken shares added 15% to close at $0.835.
8. Guzman y Gomez. This Australian fast food chain is going after McDonald’s, and it’s using former McDonald’s execs to do it.
9. A letter from the Queen. The Principality of Hutt River, the oldest micronation in Australia, has finally received an official nod from Australia’s head of state.