The Australian stocks closed higher.
Here’s the scoreboard:
- S&P ASX 200: 5,372.30 +29.51 +0.55%
- All Ordinaries: 5,434.80 +30.92 +0.57%
- AUD/USD: 0.7373 +0.0010 +0.14%
The ASX 200 broke through 5400 points in an early resource-led rally before easing back again. The market closed at another year high, putting the index 1.4% ahead since the start of 2016.
BHP finished 4% ahead to close at $18.55 and Rio Tinto added 1.3% to $46.01.
The energy stocks made more modest gains today with Woodside Petroleum closing just 0.04% higher at $26.45.
The banks were mostly flat except for the ANZ which closed at $24.43, down 1%.
The top stories Wednesday:
1. First home buyers are fading. Loans issued to Australian first home buyers fell to 14.2% -– as a percentage of all owner-occupier lending –- in March, the lowest level seen since May 2004.
2. BHP’s plan. The world’s biggest mining company wants to grow the base value of the business by more than 70% even without a recovery in commodity prices to help turn around falling revenue and profitability.