Market Wrap: ASX wobbles as Fortescue shares soar

Credit: Chatham House

It was another rollercoaster ride for Australian investors today, but the market ultimately ended higher.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.6% to 5005 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.6% to 5056 points
  • AUD/USD at US 71.03 cents
  • Iron Ore at US$41.92 a tonne, according to the Metal Bulletin
  • Gold at US$1,114.65 an ounce
  • Brent oil at US$35.31 a barrel

Oil continued its miraculous recovery today, surging above US$35 a barrel from roughly US$27 a barrel recently. It was enough to send energy shares soaring higher while the ASX got over its early jitters as well.

Woodside Petroleum Limited (ASX: WPL) was one of the top performers from the energy sector, rising 6%. Origin Energy Ltd (ASX: ORG) and Santos Ltd (ASX: STO) also rose 5.9% and 7.5%, while BHP Billiton Limited (ASX: BHP) ended the day 1.7% higher.

Fortescue Metals Group Limited (ASX: FMG) skyrocketed 13.8%, making it one of the best-performing shares on the market, while National Australia Bank Ltd. (ASX: NAB) was the best from the banks, lifting 2.1%.

CSL Limited (ASX: CSL) didn’t fare so well, slipping 2.9%. Northern Star Resources Ltd (ASX: NST) didn’t either, falling 10.3%.

Here are Friday’s best stories:

  1. Here’s why Shine Corporate Ltd shares fell 75% this morning
  2. Is BHP Billiton Limited set to announce a capital raising?
  3. Is Rio Tinto Limited’s dividend in doubt?
  4. Is Cochlear Limited one of the best blue-chip shares to own?
  5. Why Freelancer Ltd shares are soaring today
  6. Here’s why I like Catapult Group International Ltd shares
  7. Why the Intueri share price has crashed today

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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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