Local shares ended a rather flat streak today, rising strongly thanks to surging commodity prices and optimism from the Reserve Bank of Australia.
Here's a quick recap:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.8% to 4922 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.8% to 4989 points
- AUD/USD at US 71.35 cents
- Iron Ore at US$49.62 a tonne, according to the Metal Bulletin
- Gold at US$1,244.40 an ounce
- Brent oil at US$36.42 a barrel
The Reserve Bank met for the second time in 2016 today, leaving interest rates on hold in a widely anticipated result. Strong gains from oil and iron ore overnight also provided a spark for investor confidence after China increased its economic stimulus measures.
BHP Billiton Limited (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) provided plenty of drive, rising 3% and 6.4%.
The banks were strong too, particularly Australia and New Zealand Banking Group (ASX ANZ) and Westpac Banking Corp (ASX: WBC) which lifted 3% and 2.5%, respectively.
The same cannot be said for Woolworths Limited (ASX: WOW), down 1.3%, or Telstra Corporation Ltd (ASX: TLS), down 4.8%. Notably however, the latter was mainly due to the shares going ex-dividend.
Beadell Resources Ltd (ASX: BDR) and Mesoblast limited (ASX: MSB) were among the market's best, rising 17.8% and 14.6%. Shares of Slater & Gordon Limited (ASX: SGH), on the other hand, crashed another 45.7%. They're down 62% over the last two sessions at just 31.5 cents.
Here are Tuesday's top stories:
- Top stock picks for March
- No change from the RBA and 2 dividend shares worth your attention now
- Is Slater & Gordon Limited going broke after yesterday's horror result?
- Why the Slater & Gordon Limited share price was slammed another 33% today
- Here's why the Telstra Corporation Ltd (ASX: TLS) share price fell 4.6% today
- 2 overlooked growth shares I would buy today
- Can Reffind Ltd be the next Slack?
