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A broad recovery led by resources stocks, with positive overseas markets and signs of improving domestic consumer sentiment, pulled the Australian market up more than 1.6% today.

Here’s the scoreboard:

  • S&P ASX 200: 5,393.40 +85.73 (+1.62%)
  • All Ordinaries: 5,367.40 +80.58 (+1.52%)
  • AUD/USD: 0.8208 +0.0040 (+0.48%)

Rio Tinto was up 2.61% to $55.09, competitor BHP was stronger by 2% to $28.05. Among energy stocks, LNG was up almost 8.5% to $2.30 but Horizon Oil was down 3.85% to $0.125.

The major banks all made good ground, led by the NAB on $34.08, up 1.55%.

The top stories on Wednesday:

1. Confidence. Australian consumer sentiment is edging higher but the pessimists are still in charge.

2. BHP cuts oil production in the US by 40%. Overall group production was up 9% in the six months to the end of 2014 but BHP decided to cut oil output in response to falling prices.

3. This is where Qantas will see growth. Alan Joyce, the CEO of Qantas, is a big believer in the airline’s traditional markets, the US and the UK.

4. Pay rises in 2015? Professionals can look forward to slightly better salary increases but not a lot.

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