Local shares ended the day up 0.8% with the mining giants doing the heavy lifting as investors reacted to a rebound in gold and iron ore prices on the back of delayed expectations as to when the US Federal Reserve will move to lift cash rates.
Here's a quick recap:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.8% at 5323 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.7% to 5395 points
- AUD/USD down 0.5% at US 73.3 cents
- Iron ore up 3.9% to US$50.15 a tonne, according to the Metal Bulletin
- Gold at US$1,240 an ounce
- Brent oil at US$49.04 a barrel
Today's leading gainers from among the S&P/ASX 200 included gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) which climbed 12.2% and 14.1% respectively. Elsewhere the iron ore majors enjoyed buyer support with iron ore futures rebounding.
Rio Tinto Limited (ASX: RIO), BHP Billiton Limited (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) were up 4.4%, 3.9% and 3.9% respectively.
Among the fallers was engineering group Cardno Limited (ASX: CDD), which lost 38% of its value after it returned to the ASX boards after seeking to raise $92.5 million in new capital at 40 cents a share. The insurers also fell heavily on the back of major storms hitting the east coast over the weekend. The worst performer being Genworth Mortgage Insurance Australia (ASX: GMA) down 3.9% for the day.
Here are Wednesday's top stories.