The Australian market rallied, following a strong lead from Wall Street and investors looking for bargains, with the banks and the resources stocks returning strongly after almost two weeks underwater.
- S&P ASX 200: 5,556.70 +78.07 +1.42%
- All Ordinaries: 5,562.60 +76.61 +1.40%
- AUD/USD: 0.7761 +0.0023 +0.30%
On Wall St, the S&P 500 closed up 1.2%. On the local market, nine out of ten sectors were stronger, making it the best one day rally in about seven weeks.
Among resources stocks, Santos was up 2.48% to $8.27 and Oil Search 4.44% to $7.76. BHP was up 2.06% to $28.23 and Rio Tinto 2.52% to $57.48. Fortescue Metals was up 6.4% to $2.48.
The big banks made up lost ground with Westpac 1.95% higher at $31.97, the Commonwealth 1.88% to $81.41, the NAB 2.14% to $32.51 and the ANZ 2.32% to $31.81.
The top stories Thursday:
2. Print company in the money again. Shares in PMP, hard hit by a fall in old-world printing, jumped after the company said it will be making a return to paying dividends.
3. This one stat from today’s jobs data shows Australia’s economic transition is on track. An impossibly strong increase in jobs of 42,038 for May.