The Australian market rose for the first time this week, supported by a jump in oil prices rallying local energy producers.
Here’s the scoreboard:
- S&P ASX 200: 5,947.50 +39.08 (+0.66%)
- All Ordinaries: 5,917.60 +40.27 (+0.69%)
- AUD/USD: 0.7748 +0.0069 (+0.89%)
In the US, the S&P 500 index closed 0.5% higher.
On the local market, eight out of ten sectors closed higher. Energy stocks were up 1.5% across the board. Santos was up 2.2% to $7.93 and Origin Energy 2.34% to $12.68.
Banks were higher, led by Westpac at 39.28, up 0.9%. The Bank of Queensland, trading ex-dividend, lost 2.1% to close at $13.68.
The top stories Tuesday:
2. Iron ore blues. According to Fortescue analysis, the company’s breakeven price is $US39 a tonne, based on the Australian dollar at 77 cents US. The company’s March quarter production report sent Fortescue’s shares up 5% to $1.95.
3. Cashing out. Nine Entertainment is selling its live events and ticketing business Nine Live to Affinity Equity Partners for $640 million. Nine closed up 3.72% to $2.23.
4. Profit outlook. Woodside Petroleum is planning on low oil prices continuing for years to come. Its shares closed up just 0.2% to $35.48 in a strong market for energy stocks.