The Australian market closed higher for the second day in a row.
Here’s the scoreboard:
- S&P ASX 200: 5,172.80 +35.55 +0.69%
- All Ordinaries: 5,178.90 +35.08 +0.68%
- AUD/USD: 0.7125 -0.0005 -0.08%
The local market see-sawed, falling 1.6% and then holding flat, before hitting positive territory in late afternoon trade.
Overnight in the US, an early strong rally reversed with the S&P 500 ending down 1.35%. But European markets jumped higher with Germany’s Dax up 5% and the FTSE in the UK stronger by 3.1%.
On the local market, nine out of ten sectors were up, adding to yesterday’s 2.72% gain after Monday’s massive 4.09% loss.
All the banks ended stronger with the Commonwealth up 1.4% to $76.13.
Energy stocks gained 2.8% as a group with Woodside Petroleum 2.55% higher at $30.97 and Santos up 3.64% to $5.13. Oil Search was up 4.9% at $6.19.
BHP, which last night announced weaker profit but strong dividends, gained 2.57% to close at $23.94.
The top stories for Wednesday:
1. Good income-producing stocks. Here’s Credit Suisse’s Australian stock picks in the current market turmoil.
2. Worley Parsons, a global mining services company caught in the oil and gas industry downturn, has revealed for the first time the full extent of the jobs cut by the company. Its shares were up more than 6% to $8.13.
3. The Seven group slipped into the red from a profit the year before, posting a statutory loss after tax of $359.1 million for the 2015 financial year. Its shares were steady at $4.67, up just 0.22%.
4. Bonus time in NZ. Staff at Air New Zealand are in line for bonuses with the airline posting record before tax earnings of $NZ496 million, up 49.4%. Its shares were down 0.84% to $2.37.
6. Australia’s construction sector surprised everyone with a huge beat.
7. All the crazy things that happened on markets this week, and it’s only Wednesday.
8. Digital? Most chief financial officers in Australia don’t think much of technology as a disruption threat to their businesses.