Australian stocks took off, pushing the local market ahead for the calendar year.
- S&P ASX 200: 5,337.10 +106.56 +2.04%
- All Ordinaries: 5,417.50 +101.95 +1.92%
- AUD/USD: 0.7562 -0.0010 -0.13%
The local market made big strides after Wall Street closed at records highs with the S&P 500 adding 1.5% on Friday.
The ASX 200 pushed through 5300 points and kept going, covering the losses for calendar 2016 by 0.7%. All sectors were in the green.
Financial stocks led the rally, adding more than 2% as a group. The ANZ added 3.4% to $23.92, Westpac 3.25% to $29.19, the Commonwealth 2.3% to $74.10 and the NAB 2.2% to $24.99.
The big miners also gained weight with BHP up 2.8% to $19.60 and Rio Tinto 2.5% to $49.52.
The BHP spinoff South32 was 6.9% higher at $1.85.
Retail stocks also did well, led by Woolworths, up 3.4% to $21.31.
Online retailer Kogan.com added 8% to close at $1.64, still behind its issue price of $1.80.
Primary Health Care, which announced a $98 million after‐tax write off, was down 2.3% to $3.73.
The top stories Monday:
1. Buying a home. Lending to first home buyers in Australia just fell its the lowest level in more than a decade
2. Fighting the greyhound racing ban. New South Wales opposition leader Luke Foley has announced the Labor party will oppose the Baird government’s move. Also read: Baird says he won’t sell greyhound tracks to developers.
3. Class action settled. Billabong is paying out $45 million to end a shareholder class action over earnings downgrades which saw the surf clothing company’s share price tumble in 2011.
4. When Elon Musk tweets, the tech world pays attention. And when he uses the words “top secret” and “masterplan” in the same sentence, the internet goes into meltdown.
5. Who needs cash. Cash as a form of payment is shrinking in Australia.
6. The battle for Sydney. Tony Abbott’s sister, Christine Forster, wants to be Lord Mayor.
7. Election 2016. Malcolm Turnbull is headed straight for more battles.
8. SOS from Brexit-Land. An Australian’s letter home from London.