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Market Wrap: BULLS fight back as S&P/ASX 200 SOARS

bull vs bear

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.

BHP Billiton Limited (ASX: BHP) and South32 Ltd (ASX: S32) also rose 2.1% and 5.5% for the day.

Aside from Oil Search, AWE Limited (ASX: AWE) was the ASX 200’s top-performing stock, lifting 8.3%, while STW Communications Group Ltd. (ASX: SGN) was the worst, falling 4.3%.

Here are Tuesday’s top stories:

  1. Woodside Petroleum has offered one of its shares for every four Oil Search shares in an all-scrip based takeover bid
  2. Santos Ltd (ASX: STO) could be mulling over a potential capital raising with oil prices crashing
  3. Buy low, sell high. These five blue-chip companies could make for excellent additions to your portfolio today
  4. Some ‘experts’ say that a recession is ‘unavoidable’. Maybe they’re right, but that’s no reason to give up on the share market.
  5. Wesfarmers Ltd (ASX: WES) is one of the ASX’s best dividend stocks for the long term, but is it a buy today?
  6. Shares of QBE Insurance Group Ltd (ASX: QBE) have fallen considerably recently, despite a soaring dividend.

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Returns as of 27th November

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.

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