Market Wrap: ASX rockets as blue-chip shares soar

Local stocks were on fire on Thursday with the market piling on more than 100 points for the day.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 2.1% to 5,242 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 2% to 5,293 points
  • AUD/USD at US 71.65 cents
  • Iron Ore at US$46.35 a tonne, according to the Metal Bulletin
  • Gold at US$1,076.97 an ounce
  • Brent oil at US$44.45 a barrel

The Australian share market surged following strong gains from Wall Street overnight, despite growing signals that the US Federal Reserve will hike interest rates when it meets in December.

Again, it was the big banks leading the charge with National Australia Bank Ltd. (ASX: NAB) and Australia and New Zealand Banking Group (ASX: ANZ) performing particularly strongly. They rose 3.3% and 2.9% respectively, while Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corp (ASX: WBC) lifted 1.7% and 2.6%.

Wesfarmers Ltd (ASX: WES) was also strong, as was Telstra Corporation Ltd (ASX: TLS), with the pair lifting 3.3% and 1.7% respectively. Woolworths Limited (ASX: WOW) rose 2.3%.

In the mining space it was Rio Tinto Limited (ASX: RIO) and South32 Ltd (ASX: S32) that piled on the gains, rising 4% and 5.6% respectively. BHP Billiton Limited (ASX: BHP) emerged from its annual general meeting stronger, also gaining 3.1%.

Ozforex Group Ltd (ASX: OFX) was the big winner for the day, rising 30% after receiving a takeover offer. Pact Group Holdings Ltd (ASX: PGH) wasn’t so lucky, falling 7.5%.

Here are Thursday’s top stories:

  1. OzForex Group Ltd share price set to soar on takeover bid
  2. Media get Woolworths Limited wrong again
  3. Should you buy Telstra Corporation Ltd at today’s share price?
  4. Where to from here for the Medibank Private Ltd share price?
  5. Oil dips back below US$40 per barrel – Should you dump your oil stocks?
  6. Where to from here for the AMP Limited share price?

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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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