Australian stocks on a tear

Australia’s Bernard Tomic returns to Spain’s Fernando Verdasco during the men’s singles first round match at Wimbledon. JUSTIN TALLIS/AFP/Getty Images

Australian stocks are up more than 2%.

A global rally, after the several session hammering from Britain’s vote to leave the European Union, was driving the local market.

In London, the FTSE added 3.6% and on Wall Street the S&P500 closed 1.7% higher.

The ASX 200 broke through the key 5200 point support level. A short time ago, the index was at 5,246.40, up 104.00 points or 2.02%.

The major banks and the big miners showed the way. The NAB was up 3% to $25.50 and BHP added 2% to $18.64.

Macquarie Bank, marked down because of its extensive business in the UK and Europe, was up 1.5% to $70.10.

Today is the last trading session of the financial year, with the market down about 4% over the 12 months.

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