The Australian market jumped higher and stayed there all day.
Here’s the scoreboard:
- S&P ASX 200: 5,233.30 +60.52 +1.17%
- All Ordinaries: 5,242.60 +63.70 +1.23%
- AUD/USD: 0.7103 -0.0015 -0.21%
The ASX 200 has now made up all the losses from Monday’s 4.09% fall.
The local market was buoyed by Wall Street where the S&P 500 closed up a massive 3.9%, the best one day rise since November 2011.
Investors there liked news that the Fed isn’t that keen on raising interest rates in the short term.
On the local market, all ten sectors were in the green, adding to yesterday’s 0.69% rise and Tuesday’s 2.72% gain.
The major banks led the rally with the ANZ 1.78% higher at $28.57. energy stocks also gained ground with Woodside Petroleum up 1.71% to $31.50.
The top stories for Thursday:
1. The turnaround at Billabong is working. The surf clothing group has just posted a full year after tax profit of $4.2 million. Thew last time it announced a profit was for 2011. Billabong shares gained 2.38% to $0.645.
2. Record sales and strong profits. Flight Centre, the travel booking agents, just posted the fifth consecutive year of record results. Its shares closed up 11.5% to $36.01.
3. First results for MYOB. The company posted a 14% rise in half-year underlying profit to $40 million and reported strong growth in its cloud accounting software subscriptions. Its shares closed up more than 7% higher at $3.32.
4. The Nine Network posted a 2.9% drop in full year profit to $140.09 million as a weak advertising market drags on the bottom line. Its shares closed up 3.4% to $1.50.
5. UBS: Australian investment data is recessionary. Led by a collapse in mining sector spending, Australian new private capital expenditure (Capex) tanked in the June quarter, falling by a whopping 4.0%.
6. Nine boss David Gyngell says it will take time to see if Stan can be a “profitable” Netflix alternative.
7. Big changes coming. Woolworths, the big supermarket group with flat earnings and a declining market share, is reportedly about to make major changes to its board of directors.
8. The Australian dollar‘s slide isn’t finished yet.