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.