AUSTRALIAN STOCKS SURGE: Here's what you need to know

Daniel Ricciardo of Australia and Infiniti Red Bull Racing drives at the Abu Dhabi Formula One Grand Prix . Paul Gilham/Getty Images

Stocks soared on the first day of December trading.

Here’s the scoreboard:

  • S&P ASX 200: 5,266.10 +99.58 +1.93%
  • All Ordinaries: 5,312.60 +94.41 +1.81%
  • AUD/USD: 0.7261 +0.0035 +0.48%

All ten sectors were higher, wiping out Monday’s 0.69% fall and last week’s 1% drop.

BHP added 3.6% to $18.75 and all the major banks were higher, including the ANZ which was up 2.3% to $27.79.

Slater and Gordon continued its recovery, adding 28% to close at $1.185, on top of a 34% jump Monday. The company lost three-quarters of their value in a week after the British government announced proposals to limit compensation for road accidents, a big part of the law firms’s business in UK.

Among retailers, Woolworths was up 3.4% to $24.49 and Myer 0.9% to $1.12.

The top stories Tuesday:

1. Unchanged. As widely expected by financial markets and economists alike, the RBA left the official cash rate at 2.0% following its December monetary policy meeting.

2. Tim Tam wars. The supply of the iconic Australian chocolate-covered biscuit Tim Tams to the shelves of Coles was cut off as the supermarket and Arnott’s biscuits fought over pricing. Wesfarmers, the owner of Coles, closed 2.3% higher at $38.97.

3. Dick Smith comeback. The electronics retailer, whose shares were cut in half Monday after a profit warning, clawed back some lost ground today. Its shares were up 25% today to close at $0.35.

4. Metcash. Investors like the fact that IGA supermarkets have narrowed their losses. Its shares rose 13.5% to $1.68.

6. Sliding into the New Year. Australian businesses expect a deterioration in their operations during the first quarter of 2016.

7. MARCUS BLACKMORE: The crazy labelling of food products has created a huge opportunity.

8. Once-hot housing markets. Sydney home prices record their largest decline in nearly 5 years.

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