STOCKS LIFT, SINGTEL DELISTS: What you need to know

Ben Grabham of team HSE KTM Australia at the Dakar Rally. Shaun Botterill/Getty Images

The Australian market closed higher on a Wall Street rebound and better prospects for more cuts in local official interest rates.

Here’s the scoreboard:

  • S&P ASX 200: 5,872.30 +39.18 (+0.67%)
  • All Ordinaries: 5,844.00 +37.19 (+0.64%)
  • AUD/USD: 0.7690 -0.0034 (-0.44%)

In the US, the S&P 500 index closed 0.9% higher.

On the local market, nine out of ten sectors closed stronger. BHP was up by 2.62% to $30.60 and Rio Tinto 1.54% to $55.50. The Commonwealth Bank was higher by 0.49% to $91.78 and Macquarie 1.16% to $81.43.

The top stories Tuesday:

1. Novogen shares went into free fall after the Australian biotech announced a $15.5 million capital raising from a private placement with institutional investors in the US. Its shares closed down 30% to $0.29.

2. Optus is delisting. Singtel says farewell to the ASX, and thanks for all the CDIs.

3. Iron ore blues. Rio Tinto is shipping less iron ore than it digs up, according to the miner’s March quarter production report.

4. Consumer confidence is at eight month lows ahead of the May 12 federal budget. And RBA Governor Glenn Stevens, speaking in New York overnight, raised expectations of an interest rate cut in May.

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