Australian stocks soar

Lance Franklin at a Sydney Swans AFL pre-season training session today. Matt King/Getty Images

Australian stocks surged.

The market recovered Monday’s 0.69% fall and kept going, sending all ten sectors higher

A short time ago, the ASX 200 was at 5,274.00, up 107.48 points or 2.08%.

BHP added 3.3% to $18.70 and all the major banks were higher, including the ANZ which was up 2.6% to $27.86.

Metcash, the operator of IGA supermarkets, has seen its shares price jump 22% since it released its half year sales report on Monday. Today it is trading at $1.63, up another 10% from yesterday’s close.

And Dick Smith, whose shares were cut in half Monday after a profit warning, is clawing back ground. So far today, it has added almost 24% to $0.347.

Slater and Gordon was up 24% to $1.15, adding to a 34% jump yesterday. The company lost three-quarters of their value in a week after the British government announced proposals to limit compensation for road accidents, a big part of the law firms’s business in UK.

Among retailers, Woolworths was up more than 3.3% to $24.46 and Myer more than 1% to $1.122.

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