STOCKS RALLY: Here's what you need to know

Australia’s Alanna Kennedy #14, Lydia Williams #1 and Leena Khamis #12 celebrate their tie game against Sweden during the FIFA Women’s World Cup in Edmonton, Canada. Todd Korol/Getty Images

The Australian market rallied on the back of strong financial stocks, following a positive lead from Wall Street.

Here’s the scoreboard:

  • S&P ASX 200: 5,595.40 +59.61 +1.08%
  • All Ordinaries: 5,590.30 +55.09 +1.00%
  • AUD/USD: 0.7711 -0.0041 -0.54%

On Wall St, the S&P 500 was up 0.6%. On the local market nine out of ten sectors were stronger with bank stocks and the big miners leading.

The Commonwealth Bank added 2.28% to $84.26, the ANZ 2.15% to $32.89, Westpac 1.86% to $32.90 and the NAB 1.77% to $33.37.

BHP was up 1.51% to $28.17, Fortescue Metals down 4.3% to $2.22 and Santos was up 2.23% to $8.16.

1. A cautious market response to Woolworths CEO Grant O’Brien stepping down after disappointing and below expectations results at the supermarket group. Its shares first rallied about 2% but closed down 0.15% to $26.80.

2. Westpac: the economy has “suffered a loss of momentum” and the case for lower rates is strengthened.

3. Iron ore blues. The price is back under pressure. A 30% slump by year-end?

4. Investors jumped on Martin Aircraft, the New Zealand jetpack manufacturer, as its signed a deal with a Chinese aviation company. Its shares were up 21.7% to $0.925.

The top stories Wednesday:

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