Australian stocks rose for the sixth session in a row on Wednesday, equalling the longest winning streak seen since July.
First, the scoreboard.
- ASX 200 5141.80 , 25.11 , 0.49%
- All Ords 5193.50 , 25.82 , 0.50%
- AUD/USD 0.7234 , 0.0000 , 0.00%
Apart from industrials, all sectors finished in the black.
Gains were led by materials and energy, inspired by renewed chatter about the potential for additional fiscal and monetary stimulus in China.
Materials added 2.34%, marginally outpacing a 1.5% gain in energy. Precious metals were also marginally higher, sending the All ords gold index higher by 1.12%.
Financials, the largest component by market weight, added 0.53%.
The top stories Wednesday:
1. Iron ore blues. BHP Billiton and its partner Vale have been ordered by a court to stump up the first 10% of a proposed $A7 billion fund to make good the damage from the fatal Brazil mine disaster.
2. Less debt, better share price. Atlas Iron has restructured its debt as iron ore prices continue to squeeze the margins of junior miners.
3. Buyer unknown. One of Asia’s largest institutional investors is taking a 25% stake in Lendlease’s part of Barangaroo South precinct, a slice of Sydney’s biggest development project.
4. Moving to gas production. Jobs at the massive Gorgon gas project off Australia’s North West are being shed with hundreds going before the end of the year.
5. Raising cash. The government is calling for feedback on its equity crowdfunding bill.
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