Al Yunan of China competes in the Men’s +105kg Weightlifting Final at the 2014 Asian Games at Incheon, South Korea. Brendon Thorne/Getty Images

The major four banks surged today, lifting the rest of the Australian market higher, as investors saw as a positive the final report of the Murray Financial System Inquiry.

The banks have been carrying the weight of the inquiry for some time, says Stan Shamu of IG. And now investors see that banks will have to hold more capital but that this won’t greatly impact returns.

The NAB was trading 1.76% higher at $32.97, Westpac stronger by more than 1% to $33.35, the Commonwealth by 0.92% to $82.39 and the ANZ by 0.94% to $32.40. Together they accounted for more than 40% of today’s rise.

Mining and energy stocks were mostly weaker, including BHP which was down 1% to $30.10.

First, the scoreboard:

  • S&P ASX 200: 5,372.70 +37.37 (+0.70%)
  • All Ordinaries: 5,348.90 +35.26 (+0.66%)
  • AUD/USD: 0.8281 -0.0030 (-0.36%)

And the top stories on Monday:

1. Qantas shares surged after the airline said it will hit profit of between $300 million and $350 million in the six months to the end of December. At the close, Qantas shares were up more than 13.8% to $2.39. Its shares have gained more than 87% since mid October.

2. Jobs. The ANZ Job Ads have increased another 0.7% in November, the sixth consecutive rise and the 13th month in an upward trend. The ANZ says ads are up 8.9% over the year to November. Watch for the official ABS jobs numbers on Thursday.

3. Coca-Cola Amatil is cutting 260 jobs as a part of a $100 million cost cutting program brought on by what it calls challenging trading conditions. Its shares closed down 1.7% to $9.10.

4. The US dollar is crushing almost every currency on the planet Friday. The Australian dollar is no exception, trading below 83 cents.

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