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1.Market Observations, 8.Was Sticky

2 Dec 2016 (AFR) – ASX: Best day in eight years for ASX’s energy stocks

(2 December 2016, AFR, p30, by Jessica Sier)

‘Energy stocks lit a fire underneath the ASX on Thursday, adding more than $5 billion of value to the market, following a production cut deal agreed to by OPEC. The benchmark S&P/ASX 200 Index and the broader All Ordinaries Index each added 1.1 per cent to 5500 points and 5560 points respectively. The highest close this year for the benchmark index was 5587, in early August. The gains were largely driven by energy shares, which enjoyed their biggest gains in eight year, with the sub-index jumping 7.2 per cent following an overnight 9 per cent spike in the oil price due to the OPEC deal.’

Read more (and see the charts for the Daily Wrap) at AFR.com (might need AFR login access, or try: AFR.com/trial)

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