Australian stocks are surging

Photo: Cameron Spencer/ Getty Images.

Australian stocks surged.

The ASX 200 broke through the 5300 point level, closing at 5,337.10, up 106.56 points or 2.04%.

Investors followed a global rally with the S&P 500 closing 1.5% on Friday.

“The bulls are seemingly in charge of everything right now,” says Chris Weston of IG.

“Whether that is in the equity market, gold or US treasuries, no seems to have much conviction in selling, or at least the buyers are buying in bigger size.”

All ten sectors added weight, led by financial stocks up more than 2% as a group.

The ANZ bank was up 3.4% to $23.92, Westpac 3.25% to $29.19, the NAB 2.2% to $24.99 and the Commonwealth 2.3% at $74.10.

BHP added 2.8% to $19.60, Rio Tinto 2.5% to $49.52 and South32 6.9% to $1.85.

Bluescope Steel was 3.6% higher at $7.02 and Fortescue Metals 5.4% to $4.07.

Primary Health Care, which announced a $98 million after‐tax write off, was down 2.3% to $3.73.

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