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Market wrap: ASX up as Telstra pulls its weight

Local shares have run out of puff, despite very strong leads from offshore markets on Friday.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.34 to 5,185.5 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.4% to 5,142.7 points
  • AUD/USD at US 75.5 cents
  • Iron Ore at US$57.09 a tonne, according to Metal Bulletin
  • Gold at US$1,250.15.07 an ounce
  • Brent oil at US$40.47 a barrel

The Dow Jones and S&P 500 indices rose 1.3% and 1.6% respectively, while some European markets saw gains of more than 3%. But despite a strong start at the open, the rally on the ASX faded out.

Telstra Corporation Ltd (ASX: TLS) buoyed the ASX, following strong gains on the US and European markets on Friday. The telco saw its share rise 2.3% after canning plans to build a wireless network in the Philippines.

The big four banks also posted gains of between 0.4% and 1.4%.

Energy shares were higher with Santos Ltd (ASX: STO) up 3.4% to $3.99 and Origin Energy Ltd (ASX: ORG) up 2.6% to $5.20 after the International Energy Agency (IEA) said it was seeing signs that the oil price may have bottomed.

Macquarie Group Ltd (ASX: MQG) also posted a strong gain, rising 2.8% to $68.85.

Here are the top stories for today:

  1. The Australian dollar is soaring
  2. Have oil prices bottomed?
  3. Why Telstra’s shares went for a run today
  4. 2 shares to buy if the US Fed raises interest rates on Thursday
  5. Why JB Hi-Fi Limited could still be a buy
  6. Why the Cabcharge Australia Limited share price is sinking today

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Motley Fool writer/analyst Mike King owns shares in Telstra Corporation. You can follow Mike on Twitter @TMFKinga

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. 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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