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Market Wrap: ASX jumps as Slater & Gordon Limited plummets

The local market closed higher today, continuing what was a strong rally for the market this week.

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.3% to 5,256 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.2% to 5,305 points
  • AUD/USD at US 71.95 cents
  • Iron Ore at US$45.44 a tonne, according to the Metal Bulletin
  • Gold at US$1,083.57 an ounce
  • Brent oil at US$44.30 a barrel

A fall in commodity prices overnight weighed on the local stock market with the ASX taking somewhat of a breather after three days of solid gains, but still closing 0.3% higher.

Fortescue Metals Group Limited (ASX: FMG), Santos Ltd (ASX: STO) and South32 Ltd (ASX: S32) were hit especially hard, falling between 2.3% and 4.4%. Liquefied Natural Gas Ltd (ASX: LNG) also plunged 11.6%, but BHP Billiton Limited (ASX: BHP) managed to recover some more after yesterday’s AGM, rising 0.4%.

It was a different story for the gold miners after the gold price rose overnight. Northern Star Resources Ltd (ASX: NST) and EVOLUTION FPO (ASX: EVN) gained 2.7% and 2.4% respectively.

All four banks closed in the black as well. Westpac Banking Corp (ASX: WBC) and Commonwealth Bank of Australia (ASX: CBA) were the standouts, lifting 0.9% each.

Together with LNG Ltd, Slater & Gordon Limited (ASX: SGH) was the market’s worst-performing Top 200 stock today, falling 12.1%, while InvoCare Limited (ASX: IVC) was the best, rising 5.6%.

Here are Friday’s top stories:

  1. Why the Slater & Gordon Limited share price crashed today
  2. Should you buy Santos Ltd (ASX: STO) at today’s share price?
  3. What’s happening to the Mobile Embrace Ltd share price?
  4. Why Myer Holdings Ltd’s share price jumped today
  5. Why the Kathmandu Holdings Ltd share price soared today
  6. Should you buy Vocus Communications Limited at today’s 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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