Australia’s S&P/ASX 200 (Index: ^AXJO)(ASX: XJO) and ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) indices finished higher on Wednesday.
Here’s a short recap of the Australian market:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) higher 0.98% to 5,778.30
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) higher 0.95% to 5,838.40
- AUD/USD at US 72 cents
- Gold at US$1,282.98 an ounce
- Brent Oil at US$59.55 a barrel
The best-performing ASX 200 share today was funds management company Magellan Financial Group Ltd (ASX: MFG), its share price rose 10.3% after giving some guidance yesterday about its half-year result.
Shares of waste disposal business Bingo Industries Ltd (ASX: BIN) went up 6.9% today with investors liking Bingo’s suggestion of disposing an asset to address the ACCC’s concerns about an acquisition.
The oil price rose over the past day, sending the share prices of some resource businesses higher including the Beach Energy Ltd (ASX: BPT) share price which went up 5.2% and Oil Search Limited (ASX: OSH) shares went up 2.6%.
Shares of Finbar Group Limited (ASX: FRI) rose 11.3% today with the builder company announcing a buy-back of shares.
The Cimic Group Ltd (ASX: CIM) share price went up 1.1% won a $155 million coal contract in Queensland.
Finally, shares of Western Areas Ltd (ASX: WSA) rose 1.5% after updating the market about the progress made at its Odysseus Project.
Here are some of today’s top stories:
- Traders are betting heavily on these 5 shares falling
- Why the Mayne Pharma share price is sinking again today
- 3 ASX shares I’ll hold til I’m 100
- Top brokers name 3 ASX shares to buy today
Magellan has proven to be a very good share to own since inception, but today’s rise may mean it’s not cheap any more, consequently there may be better shares to buy on the ASX.
Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Platinum Investment Management Limited. 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 Scott Phillips.