Getty/Vince Caligiuri

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:

1. Weakening Australian economic growth. Official September quarter GDP numbers came in below expectations. The Australian dollar responded by dropping below 84 US cents.

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.

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