MARKET NEWS

Best day for shares in three months
26/11/2014 5:06 PM

The share market has rebounded to break November's downward trend, with gains made in every sector.

The strongest session for the market since mid-August had no obvious catalysts, and investors appeared to be responding positively to a flat session on Wall Street, Morgans private client adviser Alistair McCorquodale said.

Mining stocks rose despite iron ore prices slumping to a fresh five-year low, with BHP Billiton up 43 cents at $32.53 and Rio Tinto up 98 cents to $58.39.

But Fortescue Metals dropped two cents to $2.79.

"The bigger miners are lower on the cost curve and more diversified but Fortescue has pure exposure (to iron ore) and there is a more resident hesitance," Mr McCorquodale said.

Medibank Private shares dropped four cents, or 1.9 per cent, on their second day of trade to close at $2.10.

That is a further fall on the $2.15 institutional shareholders paid, and the $275 million in shares traded was less than a third of the value traded on Tuesday.

"It is hard to get a read on where things are at until it really settles down and the stock finds its rightful home," Mr McCorquodale said.

Credit Suisse said in a note to clients the stock was overpriced, and gave it a value of $2.10.

Among the major banks, Commonwealth Bank added 84 cents to $81.01, National Australia Bank gained 31 cents to $32.46, Westpac advanced 44 cents to $33.07 and ANZ lifted 28 cents to $32.38.

KEY FACTS

* At the close on Wednesday, the benchmark S&P/ASX200 index was up 61.4 points, or 1.2 per cent, at 5,396.2 points.

* The broader All Ordinaries index was up 59.4 points, or 1.12 per cent, at 5,380.3 points.

* The December share price index futures contract was 56 points higher at 5,406 points, with 23,403 contracts traded.

* The price of gold in Sydney at 1700 AEDT was $US1,199.80 per fine ounce, up $US2.30 on Tuesday's price of $US1,197.50.

* National turnover was 1.7 billion securities worth $4.6 billion.

Best day for shares in three months
26/11/2014 4:47 PM

The share market has rebounded to break November's downward trend, with gains made in every sector.

The strongest session for the market since mid-August had no obvious catalysts, and investors appeared to be responding positively to a flat session on Wall Street, Morgans private client adviser Alistair McCorquodale said.

Mining stocks rose despite iron ore prices slumping to a fresh five-year low, with BHP Billiton up 43 cents at $32.53 and Rio Tinto up 98 cents to $58.39.

But Fortescue Metals dropped two cents to $2.79.

"The bigger miners are lower on the cost curve and more diversified but Fortescue has pure exposure (to iron ore) and there is a more resident hesitance," Mr McCorquodale said.

Medibank Private shares dropped four cents, or 1.9 per cent, on their second day of trade to close at $2.10.

That is a further fall on the $2.15 institutional shareholders paid, and the $275 million in shares traded was less than a third of the value traded on Tuesday.

"It is hard to get a read on where things are at until it really settles down and the stock finds its rightful home," Mr McCorquodale said.

Credit Suisse said in a note to clients the stock was overpriced, and gave it a value of $2.10.

Among the major banks, Commonwealth Bank added 84 cents to $81.01, National Australia Bank gained 31 cents to $32.46, Westpac advanced 44 cents to $33.07 and ANZ lifted 28 cents to $32.38.

KEY FACTS

* At the close on Wednesday, the benchmark S&P/ASX200 index was up 61.4 points, or 1.2 per cent, at 5,396.2 points.

* The broader All Ordinaries index was up 59.4 points, or 1.12 per cent, at 5,380.3 points.

* The December share price index futures contract was 56 points higher at 5,406 points, with 23,403 contracts traded.

* National turnover was 1.4 billion securities worth $3.7 billion.

Aust shares close higher
26/11/2014 4:16 PM

The Australian share market has finished up by more than one per cent, riding high following strong US GDP figures overnight.

At the close on Wednesday, the benchmark S&P/ASX200 index was 61.4 points, or 1.15 per cent, higher at 5,396.2, while the broader All Ordinaries index was up 59.4 points, or 1.12 per cent, at 5,380.3, according to preliminary figures.

On the ASX 24, the December share price index futures contract was 57 points higher at 5,405, with 22,022 contracts traded.