The Australian market rallied after oil prices jumped and European Central Bank held out hopes of more stimulates. The All Ords Index rose 1 percent, the ASX 200 increased 52 points to 4916. 

 

Looking at the moves now. Iron ore miners like BHP Billiton jumped on the news of rival VALE had been ordered to hold some of its exports from Brazil because of pollution concerns. Tasmanian iron ore miner Grange resources says up to 55 jobs or 10 percent of its workforce will be made redundent because of the low iron ore prices. Medibank Private reached record high after raised its proper forecast, and Treasury Wine rose nearly 18 percent thanks for proper upgrade. 

 

Looking at commodities. WTI Crude oil rose to above 29 US dollars a barrel. Spot gold fell below 1100 US dollars an ounce. And the Australian dollar trading at 70 US cents.

 

 

Santos is the latest Australian resources firm to warn it may write down the value of its assets becasue of lower energy prices. Production increased 7 percent in 2015, as energy exports started at glexton, but Standard&Poor has cut the company's credit rate into just above junk status.

 

 

And more than 180 Dick Smith's workers will lose their jobs as the retailer closes its outlets based in David Jones department stores. The electronics chain went into administration earlier this month. Receivers Ferrier Hodgson said 27 outlets in David Jones stores will be closed next week, so they can try to sell the business a going concern.