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

The S&P/ASX 200 (ASX:XJO) surged 1.7% higher, led by Oil Search Limited (ASX:OSH) and Australia and New Zealand Banking Group (ASX:ANZ)

| More on:
a woman

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.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

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.

More on ⏸️ Investing