Market Wrap: ASX extends relief rally as miners jump

It was a volatile day for investors, but the market still ended the day in the black.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 1.4% to 4910 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 1.4% to 4961 points
  • AUD/USD at US 71.54 cents
  • Iron Ore at US$46.26 a tonne, according to the Metal Bulletin
  • Gold at US$1,193.71 an ounce
  • Brent oil at US$34.65 a barrel

The local share market extended its relief rally today after another solid night for commodity and equity markets.

Indeed, the miners provided much of the fire again today. Shares of BHP Billiton Limited (ASX: BHP) jumped 3.8% to $16.59, while Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG) jumped 2.3% and 10%.

The gold miners weren’t so lucky as the shiny metal’s price sunk. Newcrest Mining Limited (ASX: NCM) dived 5.6% and EVOLUTION FPO (ASX: EVN) fell 4.7%.

The banks were pretty volatile too, but with the exception of Commonwealth Bank of Australia (ASX: CBA), each ended the day higher. Commonwealth Bank’s shares fell 2.3% after going ex-dividend, but its three major rivals all rose between 0.9% and 1.9%.

Telstra Corporation Ltd (ASX: TLS) had another down day, falling 0.4%, but CSL Limited (ASX: CSL) shares gained 1.5%.

Liquefied Natural Gas Ltd (ASX: LNG) was one of the market’s top performers. It rose 15.1%, but Cover-More Group Ltd (ASX: CVO) fell 13.8%.

Here are Tuesday’s top stories:

  1. Challenger Ltd shares look attractive as it posts record profit and dividend
  2. CSL Limited shares rise on profit increase and strong outlook
  3. Why the Cover-More Group Ltd share price was crushed today
  4. National Australia Bank Ltd. reports: What you need to know
  5. Why the Fortescue share price is soaring today
  6. Property investors should be shaking with fear
  7. Monadelphous Group Limited’s revenues and profits crash

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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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