Market Wrap: Shares rocket on strong GDP growth

The local share market received a shot in the arm today, experiencing one of its strongest days so far in 2016.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 2% to 5021 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 1.9% to 5083 points
  • AUD/USD at US 72.31 cents
  • Iron Ore at US$51.44 a tonne, according to the Metal Bulletin
  • Gold at US$1,227.63 an ounce
  • Brent oil at US$36.63 a barrel

A strong rally from international share markets overnight set the stage for a strong gain locally today, and that was only boosted by better-than-expected GDP figures from the Australian Bureau of Statistics.

The banks led the upwards charge. Australia and New Zealand Banking Group (ASX: ANZ) was the best of the lot, surging 4.5%, while Commonwealth Bank of Australia (ASX: CBA), National Australia Bank Ltd. (ASX: NAB) and Westpac Banking Corp (ASX: WBC) all gained between 3.5% and 4.1%.

The miners were strong too after another solid night for commodity markets. BHP Billiton Limited (ASX: BHP) shot 4.4% higher, while Woodside Petroleum Limited (ASX: WPL) and Rio Tinto Limited (ASX: RIO) gained 5.1% and 4.7%, respectively.

Elsewhere, Medibank Private Ltd (ASX: MPL) gained 7.8%, while Mesoblast limited (ASX: MSB) surged another 28.2%.

Slater & Gordon Limited (ASX: SGH) didn’t fare so well. Its shares lost another 17.5%, putting them on a total loss of 68.7% this week.

Here are Wednesday’s top stories:

  1. Why the BHP Billiton Limited share price has risen 5% today
  2. Medibank Private Ltd wins another 5.6% increase in revenue – should you buy?
  3. Why the Woodside Petroleum Limited share price is soaring today
  4. Is Amazon a bigger threat than Aldi to Australia’s supermarkets?
  5. Is Woolworths Limited’s credit downgrade bad news for investors?
  6. These are the 5 worst shares on the ASX today

Discover the 'new breed' of blue chips that could take your portfolio higher in 2016

Forget the banks and miners! These 3 "new breed" top blue chips for 2016 pay fully franked dividends and offer the very real prospect of significant capital appreciation. Click here to learn more.

The report is free! No credit card required.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of 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.