Market Wrap: Insurance Australia Group Ltd soars as ASX rebounds

Insurance Australia Group Ltd (ASX:IAG) led the S&P/ASX 200 (ASX:XJO) to its first gain in four sessions.

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The local sharemarket rebounded today following weak US economic data which supports a delay in a US interest rate hike.

Here's a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.6% to 5,230 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.7% to 5,265 points
  • AUD/USD at US 73.23 cents
  • Iron Ore at US$55.12 a tonne, according to the Metal Bulletin
  • Gold at US$1,184.29 an ounce
  • Brent oil at US$49.78 a barrel

Insurance Australia Group Ltd (ASX: IAG) was one of the bigger news stories today. Its shares lifted 6.4% after the insurer listened to concerned shareholders, saying it would scrap its plans to expand in China.

Elsewhere, Fortescue Metals Group Limited (ASX: FMG) gained 6%. Fellow iron ore miners Rio Tinto Limited (ASX: RIO) and BHP Billiton Limited (ASX: BHP) gained 2.3% and 1.8% respectively.

Gold miners were the big winners thanks to the mineral's soaring price. Newcrest Mining Limited (ASX: NCM), Beadell Resources Ltd (ASX: BDR) and EVOLUTION FPO (ASX: EVN) rose 5.4%, 6.1%, and 7.4%, respectively.

Domino's Pizza Enterprises Ltd. (ASX: DMP) was the biggest gainer, rising 9.6%. Asciano Ltd (ASX: AIO) fell the hardest, shedding 7.6%.

Here are Thursday's top stories:

  1. Is Baby Bunting Group worth all the hype?
  2. Is Westpac Banking Corp's dividend in doubt?
  3. Price crash: Should you buy GBST Holdings Limited?
  4. 10 ASX growth stocks to buy during the market crash
  5. 5 easy ways to boost your retirement nest egg
  6. Are South32 Ltd shares headed north?
Motley Fool contributor Ryan Newman has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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