Share market rises after resources' stock-run
The share market is a whisker away from erasing this year's losses, after resource stocks had another run up the board today.
The ASX 200 is just 23 points away from where it was on January 1, after rising 1.1 per cent today to 5,272.
The All Ordinaries matched that gain to close at 5,336.
Resource and energy stocks bounced today after commodity prices jumped overnight.
West Texas crude rose to more than $US42 a barrel. It saw Santos shoot 10 per cent higher, Woodside jumped 6 per cent.
Woodside shareholders today incidentally delivered a first strike to the companies' executives over their pay.
Iron ore hit a 10-month high overnight. It is now up 69 per cent since December and worth $US64.30 a tonne, giving hope to investors that the big miners are not all that bad after all.
BHP Billiton added 3.5 per cent, Rio Tinto gained 2.5 per cent, while Fortescue gained 4.6 per cent.
The argy-bargy over what to do about the banks continued today.
The Australian Bankers Association came up with its own alternative to a royal commission, launching its own program of new measures, which among other things were aimed at protecting consumers and building confidence in institutions.
Meanwhile, a senate committee handed down a scathing report on how whistleblowers were treated in Australia and called for new protections.
And a global report identified CBA and ANZ in a list of banks most likely to see further resource-related impairments on their loan books.
It did not affect investors' appetite, and the big four all rose more than 1 per cent.
Elsewhere, Wesfarmers stocks jumped almost 3 per cent after the company reported strong retail sales growth.
Network Ten failed to wow with a return to profitability, despite reporting a $13 million first-half profit, shares went down half a per cent.
The dollar jumped in response to rising commodity prices, hitting 78 US cents.
Source: ABC News