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Market Wrap: ASX extends relief rally

It was another spectacular day for investors with the local sharemarket building on yesterday’s relief rally.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 1.8% to 5,112 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 1.7% to 5,144 points
  • AUD/USD at US 70.57 cents
  • Iron Ore at US$56.32 a tonne, according to the Metal Bulletin
  • Gold at US$1,113.91 an ounce
  • Brent oil at US$48.76 a barrel

Local shares continued to rebound strongly on the back of a strong session for international equity markets overnight, and stronger-than-expected manufacturing data from China.

It was the nation’s biggest banks that led the charge. Australia and New Zealand Banking Group (ASX: ANZ) rose 1.6% after it announced a new CEO to replace Mike Smith in 2016. The bank’s three major rivals gained between 1.8% and 2.3%.

Most other blue-chip companies also recorded gains today. Telstra Corporation Ltd (ASX: TLS) was up 1.8%, BHP Billiton Limited (ASX: BHP) gained 2.1% and Woolworths Limited (ASX: WOW) jumped 2.7%.

OZ Minerals Limited (ASX: OZL) was the best performing stock for the day, lifting 19.3%. Skilled Group Ltd. (ASX: SKE) was at the under end of the spectrum, losing 4.4%.

Here are Thursday’s top stories:

  1. Australia’s housing market slows as investors face even higher rates
  2. Why fully-franked dividends are better than cash
  3. XERO FPO NZ (ASX: XRO) hit 100,000 subscribers in the United Kingdom
  4. OZ Minerals surges on takeover speculation
  5. What you need to know from 1-Page Ltd’s (ASX: 1PG) half-year report
  6. Link Group IPO: Overpriced and headed for a fall

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Motley Fool contributor Ryan Newman owns shares of 1-Page Ltd and Xero. 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 owns shares of Xero. 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.