Australian stocks are ripping higher

Photo: Clive Brunskill/Getty Images

Australian stocks rallied strongly on the last trading day of the month, led by the banks and the big miners.

Local investors ignored weak overseas markets where overnight the S&P 500 was down 0.1%.

The banks were in demand with Westpac up almost 2% to $33.78, the Commonwealth 1.84% to $85.04, the ANZ 1.56% to $33.23 and the NAB 1.44% to $33.920.

Rio Tinto was up 1.18% to $58.330 and BHP 0.62% to $29.38.

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