Australian stocks closed higher.
Here’s the scoreboard:
- S&P ASX 200: 5,098.90 +80.46 +1.60%
- All Ordinaries: 5,123.50 +76.85 +1.52%
- AUD/USD: 0.7144 +0.0003 +0.04%
All ten sectors were in the green, reversing Monday’s 1.53% loss. Local investors followed Wall Street, where the S&P 500 closed up 1.3%.
The major banks, energy stocks and the big miners all gained ground.
Westpac was up 2.88% to $31.07 and BHP 2.31% to $23.97. Among energy stocks, Santos was 5.3% higher at $4.90 and Woodside Petroleum more than 3% to $29.10.
Free-to-air television stations picked up on the possibility that the new government of Malcolm Turnbull could relax rules on ownership. Ten was up 5.56% to $0.19, Nine more than 3% to $1.57 and Seven West Media 3.38% to $0.765.
The top stories for Wednesday:
1. Bank CEO wanted. Mike Smith, who’s been CEO of the ANZ Bank for eight years, will be leaving “within the year”.
2. Under new management. Credit Suisse has had a go at calculating the companies which might win and lose under a Malcolm Turnbull government.
3. In a buying mood. Ferry and cruise boat operator SeaLink has gone into a trading halt while it prepares for a capital raising to fund an acquisition.
4. The outlook for Australian economic growth continues to deteriorate, according to the latest Westpac-MI leading index for August.
5. The RBA’s assistant governor just explained why volatility is the new black. Global markets are prone to short-term funks.
6. Bank blues. Banks keep trying to make their capital ratios appear stronger, but APRA says it’s a mirage.
7. The crackdown continues. Federal treasurer Joe Hockey – still in his job following the ousting of Tony Abbott as prime minister on Monday – announced today the government is investigating a billion dollars worth of foreign-owned property.
8. A good cause. This startup wants you to “pinch” your unused hotel toiletries to help others.
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