Australian stocks rallied today supported by rising overseas markets, including China, and by stronger iron ore and oil prices.
Here’s the scoreboard:
- S&P ASX 200: 5,492.00 +21.03 +0.38%
- All Ordinaries: 5,478.10 +21.76 +0.40%
- AUD/USD: 0.7473 +0.0026 +0.36%
On Wall Street, the S&P 500 was flat but markets in Europe rallied strongly. The Stoxx 50 was up 2.8%, the FTSE 1.4% and the DAX 2.3%.
The local market rose as much as 1% before easing for the rest of the day. The ASX 200 has lost 46.29 point, or 08%, over the week.
Energy stocks and the miners benefited from a 2.6% increase in oil prices. Santos was up 1.87% to $7.62 and LNG 4.01% to $3.89.
Iron ore miners gained from a 9.9% rise in the price of the ore. Fortescue was up 1.68% to $1.815, BC Iron 5.36% to $0.295 and Grange Resources 9.09% to $0.125.
BHP added 2.98% to $26.65 and Rio Tinto 2.32% to $52.07. And the banks were marginally stronger except for NAB which closed flat, down 0.18%, to $33.07. Westpac was up 0.67% to $33.10.
The top stories Friday:
1. A sign that investor lending is slowing. The number of home loans taken out by Australians plummeted in May.
4. The small business tax break is appears to be driving a boom in online spending. The federal government’s tax write-off of up to $20,000 for business equipment is taking hold.
5. Recruitment startup Reffind on a tear. After listing Thursday, the price kept going up. It’s 30% higher today at $0.34.