Motley Fool Australia

11 shares you should have been watching on Wednesday

The local share market stormed higher today, despite a mostly weak lead set by international markets overnight.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.7% to 5755 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.8% to 5796 points
  • AUD/USD at US 76.01 cents
  • Iron Ore at US$59.70 a tonne, according to the Metal Bulletin
  • Gold at US$1,251.76 an ounce
  • Brent oil at US$46.51 a barrel

Shares of a number of big-name businesses helped drive the market higher today. The BHP Billiton Limited (ASX: BHP) share price and the Fortescue Metals Group Limited (ASX: FMG) share price benefited from a strong rise in the iron ore price. The Rio Tinto Limited (ASX: RIO) share price gained 2.5% as well.

Each of the banks ended the session in the black, too. The Westpac Banking Corp (ASX: WBC) share price lifted 0.9% and the Commonwealth Bank of Australia (ASX: CBA) share price rose 0.8%.

Elsewhere, Sirtex Medical Limited (ASX: SRX) was one of the big winners for the day. Although the company announced major write-downs to its research and development assets, the Sirtex share price soared 17.1% on its cost-cutting initiatives including a reduction in headcount.

The Myer Holdings Ltd (ASX: MYR) share price rose 6% as well, while Southern Cross Media Group Ltd (ASX: SXL) surged 7.1%.

SKYCITY Entertainment Group Limited-Ord (ASX: SKC) didn’t fare so well. Its share price fell 3.7%, while gold miners Newcrest Mining Limited (ASX: NCM) and Evolution Mining Ltd (ASX: EVN) dropped 2.7% and 2.1%, respectively.

Here are Wednesday’s top stories:

  1. Why the Sirtex Medical Limited share price is climbing higher
  2. Boom or Bust: What’s next for Australia’s share market?
  3. 5 shares I’d buy with $50,000 today

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of June 30th

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.

Related Articles…

Latest posts by Ryan Newman (see all)