Australian shares were back in the black today, giving investors a chance to catch their breaths.
Here’s a recap:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 1.7% to 5,115 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 1.6% to 5,133 points
- AUD/USD up 0.4% to US69.62 cents
- Iron Ore up 0.4% at US$56.85 a tonne, according to the Metal Bulletin
- Gold at US$1,119.34 an ounce; Brent oil at US$47.63 a barrel
The ASX soared higher today in a rally inspired by Woodside Petroleum Limited’s (ASX: WPL) $11.65 billion takeover offer for Oil Search Limited (ASX: OSH). Woodside’s shares retreated 3% but Oil Search skyrocketed 17.4%.
The announcement helped relax the mood across the broader market too, with the banks and miners also lifting for the day.
Australia and New Zealand Banking Group (ASX: ANZ) was the top performing bank, rising 3.1%, compared to the gains of 2% to 2.6% enjoyed by its rivals.
Here are Tuesday’s top stories:
- Woodside Petroleum has offered one of its shares for every four Oil Search shares in an all-scrip based takeover bid
- Santos Ltd (ASX: STO) could be mulling over a potential capital raising with oil prices crashing
- Buy low, sell high. These five blue-chip companies could make for excellent additions to your portfolio today
- Some ‘experts’ say that a recession is ‘unavoidable’. Maybe they’re right, but that’s no reason to give up on the share market.
- Wesfarmers Ltd (ASX: WES) is one of the ASX’s best dividend stocks for the long term, but is it a buy today?
- Shares of QBE Insurance Group Ltd (ASX: QBE) have fallen considerably recently, despite a soaring dividend.