AUSTRALIAN STOCKS SURGE: Here's What You Need To Know

Getty/Kent Nishimura

The Australian market rode good US economic growth numbers to a strong close.

The banks were all up including Westpac which was firmer by 1.44% to $33.07.

The big miners all did well with BHP up 1.34% to $32.53 and Rio Tinto stronger by 1.7% to $58.39.

First, the scoreboard:

  • S&P ASX 200: 5,396.20 +61.41 (+1.15%)
  • All Ordinaries: 5,380.30 +59.44 (+1.12%)
  • AUD/USD: 0.8541 +0.0008 (+0.09%)

And the top stories on Wednesday:

1. The taxi industry’s payment company, Cabcharge, is asking the federal and state governments to get tough with Uber and other ride-sharing apps and check whether they are paying taxes. Cabcharge shares were up 2.3% to $4.86.

2. Credit Suisse dropped an ‘Underperform’ rating on Medibank Private which yesterday made a strong debut on the ASX. And today its shares closed 1.8% down to $2.10, still well above the $2 individual investor price but down on the institutional price of $2.15.

3. Online travel booking company Webjet shares fell after the company forecast flat Australian domestic travel in 2015. The stocks recovered a little to close down 1.27% to $3.10.

4. Australia’s Reserve Bank needs to lift interest rates in the first half of 2015 to curb unwieldy house price increases and prevent them “unwinding sharply”, the Organisation for Economic Cooperation and Development says.

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