Australian stocks are rallying again

Photo by Stuart Franklin/Getty Images

Australian stocks have risen sharply in early trade on Monday, buoyed by strong gains in US and European markets on Friday along with a continued rebound in commodity prices.

Here’s the market scoreboard after 30 minutes of trade.

  • ASX 200 4965.6000 , 49.65 , 1.01%
  • All Ords 5019.3 , 49.74 , 1.00%
  • AUD/USD 0.7005 , 0.0005 , 0.07%

The increase, the third in a row, leaves the benchmark ASX 200 index sitting at levels last seen on January 15. Year-to-date it has still lost 6.25%.

All sectors are trading in the black with the strongest gains coming from energy, financials, utilities, healthcare and consumer discretionary sectors which are all up by between 1.11% to 1.71%.

Volumes are expected to be light today with many market participants taking the day off before the Australia Day holiday on Tuesday.

On the data front, the NAB will release its latest business confidence report for December. For the broader Asian region Japanese trade figures for December will also be released.

With volumes likely to be weak movements in Chinese markets – both stocks and the renminbi – will likely be influential on the overall performance of the index in the latter parts of the session.

Trade in Chinese markets gets underway from 12pm AEDT.

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