Stocks rallied for the second day in a row.
Here’s the scoreboard:
- S&P ASX 200: 5,236.90 +103.45 +2.02%
- All Ordinaries: 5,221.10 +105.85 +2.07%
- AUD/USD: 0.7054 +0.0036 +0.51%
On the local market, nine out of ten sectors were stronger, adding to yesterday’s 1.69% gain, and following Wall Street overnight where the S&P500 closed up 2.5%.
Financial stocks led the market, gaining 2.9%. The major banks were all up more than 3% with Westpac gaining more than 4% to $31.81. Macquaire Bank was up 3.5% to $77.15.
Among the miners, Fortescue Metals was up more than 4% to $2.04. BHP, trading ex-dividend, was down just 0.2% to $24.65, but Rio Tinto gained 2.5% to $51.51.
Among energy stocks, Santos was up 5.9% to $4.67.
The top stories for Wednesday:
1. Asian stocks are staging an epic rally. Asian stocks, already rallying hard following large gains in US and European markets overnight, found new energy.
2. A waiting game. Shares in Fortescue Metals surged on a new report that the iron ore miner had been approached to sell its infrastructure. But the company wants to wait.
3. Fading surf gear. Quiksilver is filing for bankruptcy. The surf wear group, founded in Australia, and a competitor of Billabong, has been looking for buyers including a management buyout without success.
4. A big benefit from a falling dollar. Freelancer’s revenue is about to accelerate as the Australian dollar continues its fall against the US dollar.
5. Another miner reinvents itself. buyMyplace.com.au, which helps people sell their homes without using a real estate agent, is going for a backdoor ASX listing via the tiny miner Killara Resources.
6. Australians are less anxious about the future, except when you ask them about the government. The latest NAB consumer anxiety index sliding 1 point to 62.5 points in the September quarter.
7. Home loan lending scales new heights in July. The number of home loans extended to Australian owner-occupiers rose modestly in July with the ABS reporting an increase of 0.3% to 53,095.
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