Market Wrap: ASX wobbles as Fortescue shares soar

Credit: Chatham House

It was another rollercoaster ride for Australian investors today, but the market ultimately ended higher.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.6% to 5005 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.6% to 5056 points
  • AUD/USD at US 71.03 cents
  • Iron Ore at US$41.92 a tonne, according to the Metal Bulletin
  • Gold at US$1,114.65 an ounce
  • Brent oil at US$35.31 a barrel

Oil continued its miraculous recovery today, surging above US$35 a barrel from roughly US$27 a barrel recently. It was enough to send energy shares soaring higher while the ASX got over its early jitters as well.

Woodside Petroleum Limited (ASX: WPL) was one of the top performers from the energy sector, rising 6%. Origin Energy Ltd (ASX: ORG) and Santos Ltd (ASX: STO) also rose 5.9% and 7.5%, while BHP Billiton Limited (ASX: BHP) ended the day 1.7% higher.

Fortescue Metals Group Limited (ASX: FMG) skyrocketed 13.8%, making it one of the best-performing shares on the market, while National Australia Bank Ltd. (ASX: NAB) was the best from the banks, lifting 2.1%.

CSL Limited (ASX: CSL) didn’t fare so well, slipping 2.9%. Northern Star Resources Ltd (ASX: NST) didn’t either, falling 10.3%.

Here are Friday’s best stories:

  1. Here’s why Shine Corporate Ltd shares fell 75% this morning
  2. Is BHP Billiton Limited set to announce a capital raising?
  3. Is Rio Tinto Limited’s dividend in doubt?
  4. Is Cochlear Limited one of the best blue-chip shares to own?
  5. Why Freelancer Ltd shares are soaring today
  6. Here’s why I like Catapult Group International Ltd shares
  7. Why the Intueri share price has crashed today

Why These 3 Blue Chip Shares Look Set to Soar in 2016

Discover The Motley Fool's top 3 blue chips for 2016. These 3 'new breed' shares pay fully franked dividends AND offer the very real prospect of significant capital appreciation. Simply click here to gain access to this comprehensive FREE investment report.

No credit card required.

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.

HOT OFF THE PRESSES: My #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.