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Here’s what drove the ASX 200 higher today

Credit: Pictures of Money

The local share market continued its rise today with the banks and miners both coming to the party.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.5% to 5252 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.5% to 5316 points
  • AUD/USD at US 76.55 cents
  • Iron Ore at US$62.90 a tonne, according to the Metal Bulletin
  • Gold at US$1,275.47 an ounce
  • Brent oil at US$47.74 a barrel

Shares in the country’s biggest banks all recorded gains today upon heightened expectations the Reserve Bank of Australia will cut interest rates when it meets next week.

Australia and New Zealand Banking Group (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) provided the biggest lifts, rising 1% and 1.2%, while National Australia Bank Ltd. (ASX: NAB) also rose 0.7%.

The big miners finished on top as well, but it was the energy producers and gold miners showing the biggest gains after both commodities soared in price.

Woodside Petroleum Limited (ASX: WPL) shares gained 2.2%, while Northern Star Resources Ltd (ASX: NST) and EVOLUTION FPO (ASX: EVN) gained 5.5% and 4.8%.

Blackmores Limited (ASX: BKL) shares also rose 5.7%, but Mesoblast limited (ASX: MSB) wasn’t so lucky, shedding 7.2%.

Here are Friday’s top stories:

  1. Is Blockchain the real deal?
  2. Nearmap Ltd soars 25% on market update: Should you buy?
  3. Is it time to sell Domino’s Pizza, Cochlear Limited and REA Group Limited?
  4. This is why Catapult Group International Ltd shares are flying again
  5. Why these 4 ASX shares are getting clobbered today
  6. 4 ASX shares to profit if the Reserve Bank cuts interest rates
  7. Better buy? Blackmores Limited vs Domino’s Pizza Enterprises Ltd.

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. 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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