STOCKS RALLY: Here's what you need to know

The Australian market closed higher, supported by stronger energy stocks which rallied on the back of higher oil prices.

Here’s the scoreboard:

  • S&P ASX 200: 5,960.70 +34.73 (+0.59%)
  • All Ordinaries: 5,928.30 +35.10 (+0.60%)
  • AUD/USD: 0.7676 +0.0043 (+0.56%)

In the US, the S&P 500 index closed down by 0.2%.

On the local market, seven out of ten sectors were stronger, led by Energy which was up 2.5%. Woodside Petroleum closed 2% higher to $35.06, Santos 4.3% to $7.41 and Oil Search 5.6% to $7.64.

A rise in iron ore prices pushed Fortescue Metals up 8% to $1.94. Rio Tinto was up 1.5% to $57.00 and BHP 0.95% to $30.74.

Iron ore was trading stronger overnight by 2% to $US48.06 a tonne. Brent oil was up 1.6% to $US59.05 a barrel.

The top stories Wednesday:

1. Myer could be the subject of a takeover bid, either from private equity or retail guru Solomon Lew. Shares in Myer jumped by more than 3% to $1.35.

2. A class action against late payment fees charged by banks on credit cards is heading to the High Court after the ANZ bank won an appeal in the Federal Court. Shares in IMF Bentham Limited, an ASX-listed litigation funder, fell more than 5% to $1.95.

3. More iron ore blues. Here are the break even costs for Australia’s iron ore miners.

4. The Australian dollar. This chart shows you can’t argue the Aussie dollar is overvalued if you take a long-term look.

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