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?

Get our #1 Dividend Stock for 2015-16 - FREE!

You should know that Scott Phillips, lead advisor for Motley Fool Share Advisor, has just named his #1 dividend stock for 2015-2016, and I think it's a GREAT BUY today! To find out more about this ultra-promising company, simply click here now, enter your email address, and we'll send you Scott's brand-new free report. 

No credit card details or payment required

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.