Local investors went on a Santa buying spree, recovering in one day, the losses of the previous week.
The S&P ASX 200 was up 2.45%, putting the index 2.28% higher for the week after losing 2.2% the previous week. The local market is well behind Wall Street which closed up 2.4% overnight and almost 2% the day before.
Locally, stocks were stronger across all sectors, with the big players, the banks and large mining companies, making up the bulk of the early Christmas presents.
The major banks: Westpac was up 2.85% at $32.48, the ANZ 2.26% to $31.68, the Commonwealth bank 2.34% to $83.710 and the NAB up 2.93% to $32.66.
The big miners: BHP was up 3.35% to $28.98 and Rio Tinto 2.85% to $56.290. Pure play iron ore producer Fortescue was up 2% to $2.55 and Woodside Petroleum 3.2% to $37.77.
First, the scoreboard:
- S&P ASX 200: 5,338.60 +127.82 (+2.45%)
- All Ordinaries: 5,312.70 +122.99 (+2.37%)
- AUD/USD: 0.8187 +0.0023 (+0.28%)
And the top stories on Friday:
1. Quickflix, the Australian DVD rental and media streaming company, is now seeking money from its customers after a rights issue to raise $5.7 million fell well short of target at only $650,814.73.
2. Oil price fallout. Santos has moved to further insulate against volatile oil prices by securing a $1 billion loan facility. Earlier this month, the gas and oil producer announced it is cutting its 2015 capital expenditure by $700 million to $2 billion following plunging in oil prices. Its shares were firmer by 0.38% to $7.99.
3. Weak growth in China. Morgan Stanley report won’t make good reading for Australian exporters.
4. The Aussie Dollar. Industry calls the dollar’s fall against the US dollar a Christmas bonus.