To celebrate the first-ever Melbourne Cup victory by a female jockey, local investors dragged the ASX higher on the back of a three-day losing streak.
Here’s a quick recap:
- Interest rates on HOLD at 2%
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 1.4% to 5,239 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 1.3% to 5,291 points
- AUD/USD at US 71.72 cents
- Iron Ore at US$49.50 a tonne, according to the Metal Bulletin
- Gold at US$1,136.53 an ounce
- Brent oil at US$48.76 a barrel
Despite ‘the race that stops the nation’ distracting investors and the RBA’s decision to keep rates on hold at 2%, the local market was buoyed by stronger leads from US and European markets overnight.
Telstra Corporation Ltd (ASX: TLS), Westpac Banking Corp (ASX: WBC), CSL Ltd (ASX: CSL) and Commonwealth Bank of Australia (ASX: CBA) were among the markets biggest winners by volume, climbing between 1.7% and 2.3%.
Supermarket giants Woolworths Limited (ASX: WOW) and Wesfarmers Ltd (ASX: WES) bounced back 1.3% and 0.6%, respectively, from heavy selling pressure over the past fortnight. Following Woolworths shock announcement that its 2016 half-year profit could fall by up to 35%, concerns are growing that the grocery sector will fall into an all-out price war.
Despite heavy selling in its London-listed stocks overnight against a backdrop of falling commodity prices, shares of BHP Billiton Limited (ASX: BHP) finished the day 1.0% higher.
Among the top movers on the ASX were OZ Minerals Limited (ASX: OZL) and Transpacific Industries Group Ltd. (ASX: TPI) which each climbed more than 5%. GWA Group Ltd (ASX: GWA) was again the worst-performing ASX 200 stock, falling 6%, following a wrath of analyst downgrades earlier in the week.
Here’re Tuesday’s top stories:
- RBA: Interest rates on Hold
- 3 stocks to help double your portfolio in ten years
- What’s going on with Coca-Cola Amatil Ltd?
- Insurance Australia Group and ANZ Bank run home from Asia
- Is Woolworths Limited a VALUE TRAP?
- 2 bargain blue-chips? National Australia Bank Ltd. and Ramsay Health Care Limited
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Motley Fool contributor Owen Raskiewicz owns shares of CSL Ltd, and has a financial interest in Coca-Cola Amatil Limited and Woolworths Limited.
Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. 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.