The big banks led the Australian market to another strong close as investors returned, seeking strong revenue streams, and rewarded the miners for better commodity prices.
Here’s the scoreboard:
- S&P ASX 200: 5,773.40 +51.90 +0.91%
- All Ordinaries: 5,770.40 +50.50 +0.88%
- AUD/USD: 0.7812 -0.0012 -0.15%
Wall Street was closed for a holiday overnight. On the local market all ten sectors closed higher. Today’s rise, combined with yesterday’s 1%, recovered last week’s 1.3% loss.
The banks and financial stocks carried the market with Westpac up more than 2% to $33.65, the NAB 1.4% to $34.00 and the ANZ 1.15% to $32.69.
Among the miners, BHP was up 1.15% to $29.82 and Rio Tinto 1.15% to $58.29.
The top stories for Tuesday:
1. AGL plans for a future without fossil fuels. This includes $1 billion in asset sales and $200 million in cost cutting. Its shares closed almost 7% higher at $16.45.
2. Good sales of poker machines. Aristocrat Leisure’s full year profit rose 66.8% to $110.1 million on strong growth in Australia and the US. Shares closed up more than 6% to $8.29.
3. Fortescue and Chinese investors. Companies with China links have applied to the Foreign Investment Review Board seeking permission to invest in Andrew Twiggy Forest’s company. The shares close up more than 10% to $2.40.