Banks and miners are surging on the ASX

Photo by Michael Dodge/Getty Images

Australian stocks are trading higher on Friday morning, continuing to build on Thursday’s 3.34% gain, the largest in over five years.

The Trump rally rolls on.

First, the scoreboard as at 10.20am in Sydney:

  • ASX 200 5344.50 , 15.67 , 0.29%
  • All Ords 5422.20 , 13.31 , 0.25%
  • AUD/USD 0.7609 , -0.0002 , -0.03%

While the benchmark ASX 200 index currently shows a gains, as seen in the sector performance below, it’s entirely being driven by financials and materials — the largest by market capitalisation — offsetting losses elsewhere, particularly in higher-yielding sectors.

This mirrors the performance overnight in the US where hopes for pro-growth fiscal policies from president-elect Donald Trump helped to propel banks and miners higher.

  • A-REITS -0.71%
  • Consumer Discretionary -0.44%
  • Consumer Staples -0.54%
  • Energy -0.72%
  • Financials 1.11%
  • Healthcare -0.21%
  • Industrials -0.52%
  • Information Technology -1.17%
  • Materials 0.31%
  • Telecommunications -0.37%
  • Utililties -2.32%
  • All Ords Gold Index -4.51%

Of the big names, BHP Billiton is up 2.09% at $24.93 while rival Rio Tinto has added 1.76% to $59.15.

The big banks are also performing well.

The NAB is up 2% while ANZ, Westpac and the CBA are all up by more than 1%.

Here’s the ASX 200 chart for the week:

ASX 200 5-Minute Chart

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