Market Wrap: S&P/ASX 200 climbs as commodities fall

Local shares managed to buck the trend today, showing a strong gain after international equity markets fell overnight.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 1% to 5157 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.9% to 5215 points
  • AUD/USD at US 74.25 cents
  • Iron Ore at US$63.63 a tonne, according to the Metal Bulletin
  • Gold at US$1,253.82 an ounce
  • Brent oil at US$39.71 a barrel

Commodities were mostly lower overnight, which acted as a drag on the local market earlier in the session. However, equities managed to overcome that hurdle and ended the day higher. It was the seventh gain out of the last eight sessions.

BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) weren’t able to recover after their earlier losses, ending the session 1.9% and 2.1% lower, while Fortescue Metals Group Limited (ASX: FMG) also lost 2.9%.

But the miners’ falls were more than offset by strength in the bank shares. National Australia Bank Ltd. (ASX: NAB) was the best of the lot, rising 2.6%, while all four banks rose at least 1.1%.

Shares of Telstra Corporation Ltd (ASX: TLS) gained 1.2% as well, while CSL Limited (ASX: CSL) shares rose 2.2%.

Paladin Energy Ltd (ASX: PDN) was one of the top-performing shares, rising 12.8%. BC Iron Limited (ASX: BCI) on the other hand, fell 11.6%.

Here are Wednesday’s top stories:

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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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