Market Wrap: ASX rebound falls short as miners’ shares soar

A late turnaround fell just short today. Australian shares closed marginally lower but did trim a lot of their earlier losses late in the session.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 0.1% to 4976 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 0.1% to 5025 points
  • AUD/USD at US 71.92 cents
  • Iron Ore at US$45.52 a tonne, according to the Metal Bulletin
  • Gold at US$1,155.31 an ounce
  • Brent oil at US$34.37 a barrel

The ASX was unable to back-up Thursday’s remarkable rally with another gain, despite the best efforts of the country’s biggest miners.

BHP Billiton Limited (ASX: BHP), Rio Tinto Limited (ASX: RIO) and South32 Ltd (ASX: S32) shares all rose between 3.2% and 5.5%, adding to yesterday’s impressive gains.

Santos Ltd (ASX: STO) and Oil Search Limited (ASX: OSH) also rose 2.2% and 3%, while Woodside Petroleum Limited (ASX: WPL) ended the day 0.4% higher.

Unfortunately, their efforts were offset by falls across the banking sector. All four major banks ended the day lower, although National Australia Bank Ltd. (ASX: NAB) was the worst. Its shares fell 1.5%.

WHITEHAVEN COAL LIMITED (ASX: WHC) was one of the worst performers for the day, losing 7.9%.

On the other hand, baby formula producers Bellamy’s Australia Ltd (ASX: BAL) and a2 Milk Company Ltd (Australia) (ASX: A2M) both soared between 10.3% and 14.9%.

Here are Friday’s top stories:

  1. Here’s why the Bellamy’s Australia Ltd share price exploded today
  2. REA Group Limited posts 28% profit lift
  3. Genworth Mortgage Insurance Australia beats guidance – should you buy?
  4. 2 solid dividend shares I like with an above average yield
  5. WHITEHAVEN COAL LIMITED powers to $7.8m profit
  6. Why Adacel Technologies Limited shares are soaring higher today
  7. Why the BHP Billiton Limited share price has surged 12%

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Motley Fool contributor Ryan Newman owns shares of Bellamy's Australia. 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 owns shares of Bellamy's Australia. 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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