Australian stocks clawed back some of last week’s losses, with the miners and big banks coming back strongly as investors looked for bargains.
Here’s the scoreboard:
- S&P ASX 200: 5,721.50 +56.80 +1.00%
- All Ordinaries: 5,719.90 +51.70 +0.91%
- AUD/USD: 0.7829 +0.0005 +0.06%
Wall Street closed the week lower with the S&P 500 index down 0.2%. On the local market, all sectors were higher but still some way to go to regain last week’s 1.3% fall. Volume was light, down about one-quarter, with 1.9 billion shares traded.
The banks were all positive, led by Westpac up 1.2% to $32.96. Among the resources stocks, Rio Tinto was up 1.55% to $57.63 and Woodside Petroleum 1.68% to $36.30.
The top stories for Monday:
1. Coal seam gas drilling is expected to start again in NSW after an energy company won its legal action against the state government. Metgasco shares closed 58% higher at $0.076.
2. A $1.8 billion takeover by the gold, nickel, zinc and copper miner Independence Group of nickel explorer Sirius Resources will create a new big Australian mining company with a place on the ASX100. Sirius closed up more than 20% to $3.90.
3. The Australian dollar. Here’s the fuel that can drive the Aussie dollar back to 75 cents.