Australian stocks are ripping higher

Photo: Quinn Rooney/Getty Images

The Australian market soared at the start of a new week with mining and energy stocks leading the way.

All ten sectors were stronger in early trade after last week’s 1.3% loss.

BHP was higher by almost 1% to $29.54, Rio Tinto 1.7% to $57.72 and Fortescue 4% to $2.195. Among energy stocks, Woodside was up more than 2% to $36.46 and Santos 2.5% to $8.295.

The banks were also stronger, led by the Commonwealth, up 1.22% to $84.12.

Luxury goods retailer Oroton, which lost 13% on Friday after another profit warning, fell another 5% today to $2.10.

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