The Australian market rallied as stronger commodity prices fed investor confidence in mining and energy stocks.
Here’s the scoreboard:
- S&P ASX 200: 5,933.30 +88.53 (+1.51%)
- All Ordinaries: 5,906.80 +86.54 (+1.49%)
- AUD/USD: 0.7772 -0.0006 (-0.08%)
In the US, the S&P 500 index closed up 0.2%.
On the local market, the ASX 200 ended the week up 0.94% after losing 1.5% last week.
Today all ten sectors were stronger. Energy was the stand out, gaining 2.7%. Origin Energy was up 3.9% to $12.87, Santos 2.56% to $8.00 and Woodside Petroleum 1.72% to $35.40.
BHP closed up 3.19% to $38.16, Rio Tinto 2.65% to $57.79 and pure play iron ore producer Fortescue Metals 5.75% to $2.21. Mount Gibson was up 7.69% to $0.21 and Arrium 6.25% $0.17.
The banks were all stronger, led by the Commonwealth, up 1.52% to $92.10.
The top stories Friday:
1. The New Zealand-based group Xero, which is disrupting the global accounting software market, has doubled its losses as its grows customers and revenue. Its shares closed down more than 10% to $20.32.
2. Coal seam gas. The NSW Supreme Court has overturned a state government decision to stop energy company Metgasco drilling at Bentley on the state’s north coast. Its shares closed up more than 46% to $0.082.
3. Sleep disorders. ResMed posted a 1% rise in net revenue to $91 million for the March quarter. The result was on 6% rise in revenue to $422.5 million. Its shares closed down 9.7% to $8.46.
4. Iron ore blues. Something is up in the iron ore market and it’s good news for Australian miners and Joe Hockey’s budget to be delivered on May 12.