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Market Wrap: BHP soars as ASX dream run home continues

Credit: Simon Cunningham

Local shares closed higher again today following a rebound in oil prices and a strong session on Wall Street.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.5% to 5141 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.5% to 5193 points
  • AUD/USD at US 72.33 cents
  • Iron Ore at US$40.80 a tonne, according to the Metal Bulletin
  • Gold at US$1,073.80 an ounce
  • Brent oil at US$36.42 a barrel

Australian shares rose strongly after the opening bell and from there, never looked like retreating below yesterday’s closing level.

BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) were two of the strongest performers, rising 3.5% and 4.2% after a rise in iron ore and oil prices overnight. South32 Ltd (ASX: S32) also gained 2.9%.

Unlike yesterday’s session which saw all four major banks close lower, they each recovered today. National Australia Bank Ltd. (ASX: NAB) was the top performing bank gaining 0.8%, while Woolworths Limited (ASX: WOW) also gained 0.5%.

Aurizon Holdings Ltd (ASX: AZJ) and Slater & Gordon Limited (ASX: SGH) were two of the worst performing shares. They fell 11.7% and 6.6%, but Alumina Limited (ASX: AWC) closed 7.7% higher.

Here are Wednesday’s top stories:

  1. Is your portfolio ready for a ‘Bumper 2016’?
  2. Why I think now isn’t the time to buy BHP Billiton or Rio Tinto shares
  3. BOOM: The A2 MILK FPO NZ share price adds another 9%
  4. Crash: Why Aurizon Holdings Ltd shares fell 15%
  5. Class action spells trouble for Slater & Gordon Limited shares
  6. Top broker reveals predictions for 2016

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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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