The Australian market extended its rally into a second day, pausing for weaker than expected official economic growth numbers.
The S&P/ASX 200 added another 0.77% to the 1.41% marked up yesterday.
Energy stocks and the miners were firmer, with pure iron ore play Fortescue Metals up more than 6% to $2.73 and Liquefied Natural Gas up almost 15% to $2.88 after being hammered at the start of the week.
Qantas, one of the few stocks to benefit from falling oil prices, was up again, this time more than 6% to $2.07. It’s up around 60% since mid October.
First, the scoreboard:
- S&P ASX 200: 5,321.80 +40.54 (+0.77%)
- All Ordinaries: 5,301.20 +41.16 (+0.78%)
- AUD/USD: 0.8401 -0.0049 (-0.58%)
And the top stories on Wednesday:
2. Ten Network. Its shares tanked after the troubled free-to-air TV network confirmed it’s received a number of offers. Its adviser Citigroup, which is looking at strategic options for the company, has received “non-binding, conditional proposals from a number of parties”. Ten shares were $0.222, down 7.5%.
3. Australian retailer Woolworths has bought a stake in China’s future wine and drink needs. The supermarket chain acquired China-based Summergate Fine Wines and Spirits, a leading drinks distributor representing about 80 global brands. Shares were up more than 2% to $30.90.
4. What will it take for the RBA to move interest rates? A question everyone is asking following the weaker economic growth numbers released today and talk of an interest rate cut in 2015 rather than a rise.