Market Wrap: ASX in iron ore fuelled rally

The local share market continued to climb today, even rising above the 5000-point mark.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 1% to 5001 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 1% to 5056 points
  • AUD/USD at US 71.68 cents
  • Iron Ore at US$48.52 a tonne, according to the Metal Bulletin
  • Gold at US$1,215.80 an ounce
  • Brent oil at US$33.44 a barrel

Local shares rallied today after the iron ore price rose 3% during the latest session, while a number of strong earnings reports also provided investors with some encouragement.

Of the miners, BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) were among the beneficiaries, each rising more than 3%. Arrium Ltd (ASX: ARI) also recovered 46.7%, while Fortescue Metals Group Limited (ASX: FMG) shares gained 9.1%.

On the earnings front, NIB Holdings Limited (ASX: NHF) gained 7.3% and Brambles Limited (ASX: BXB) rose 8.5%, with several other companies also recording gains after they released their own profit results.

In addition to Arrium, Slater & Gordon Limited (ASX: SGH) and Mesoblast limited (ASX: MSB) were among the top performing shares, rising 14.6% and 10.3%, while Beadell Resources Ltd (ASX: BDR) was one of the worst performers, losing 10.4%.

Here are Monday’s top stories:

  1. NIB Holdings Limited shares soar 8% on profit result
  2. Why the Arrium Ltd share price is soaring today
  3. Here’s why the oOh!Media Ltd share price jumped today
  4. 3 reasons why the BHP Billiton Limited share price has surged 20%
  5. G8 Education Ltd shares dip despite record full year profit
  6. Why the Mesoblast limited share price has soared 45%

BRAND NEW! Our Top Dividend Stock for 2016

Our resident dividend expert names his Top Dividend Share for 2016. Not only are the shares dirt cheap, the company is trading on a fat, fully franked dividend yield. Simply click here to gain access to this comprehensive FREE investment report, including the name of this fast growing ASX dividend share. No credit card 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.