Australian Stocks Rally To A Post-GFC High

Getty/Chris McGrath

The ASX has closed above 5500 points for the first time since the GFC in 2008.

The banks led the rally which pushed the S&P/ASX 200 up 0.65% to close at 5,514.9.

The market welcomed quarterly Australian inflation data, which came in short of market expectations and relieve pressure on the Reserve Bank to raise interest rates. HSBC’s flash China PMI came in in line with expectations too.

Westpac was up 1.18% to $35.705, Commonwealth 1.14% to $78.920, ANZ 0.875% to $34.580, and the NAB 0.733% to $35.750.

The Australian market followed the US which was firmer on the back of a better performing European market. On Wall Street the Dow Jones Industrial Average rose 65 to 16,514 and the Nasdaq composite 40 to 4161.

In the region, the Nikkei 225 was up 1.11% to 14,548.

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