Here’s what drove the ASX 200 higher today

Credit: Pictures of Money

The local share market continued its rise today with the banks and miners both coming to the party.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.5% to 5252 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.5% to 5316 points
  • AUD/USD at US 76.55 cents
  • Iron Ore at US$62.90 a tonne, according to the Metal Bulletin
  • Gold at US$1,275.47 an ounce
  • Brent oil at US$47.74 a barrel

Shares in the country’s biggest banks all recorded gains today upon heightened expectations the Reserve Bank of Australia will cut interest rates when it meets next week.

Australia and New Zealand Banking Group (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) provided the biggest lifts, rising 1% and 1.2%, while National Australia Bank Ltd. (ASX: NAB) also rose 0.7%.

The big miners finished on top as well, but it was the energy producers and gold miners showing the biggest gains after both commodities soared in price.

Woodside Petroleum Limited (ASX: WPL) shares gained 2.2%, while Northern Star Resources Ltd (ASX: NST) and EVOLUTION FPO (ASX: EVN) gained 5.5% and 4.8%.

Blackmores Limited (ASX: BKL) shares also rose 5.7%, but Mesoblast limited (ASX: MSB) wasn’t so lucky, shedding 7.2%.

Here are Friday’s top stories:

  1. Is Blockchain the real deal?
  2. Nearmap Ltd soars 25% on market update: Should you buy?
  3. Is it time to sell Domino’s Pizza, Cochlear Limited and REA Group Limited?
  4. This is why Catapult Group International Ltd shares are flying again
  5. Why these 4 ASX shares are getting clobbered today
  6. 4 ASX shares to profit if the Reserve Bank cuts interest rates
  7. Better buy? Blackmores Limited vs Domino’s Pizza Enterprises Ltd.

Why These 3 Blue Chip Shares Look Set to Soar in 2016

Discover The Motley Fool's top 3 blue chips for 2016. These 3 'new breed' shares pay fully franked dividends AND offer the very real prospect of significant capital appreciation. Simply click here to gain access to this comprehensive FREE investment report.

No credit card required.

Motley Fool contributor Ryan Newman has no position in any stocks mentioned. 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.