Health care was the only sector on the ASX to fall today with strong gains in Materials, which rose 1.69%, IT was up 1.65%, Industrials rose 1.04%.
Here’s the scoreboard:
- S&P ASX 200: 5,674 +49.5 +0.88%
- All Ordinaries: 5,673 +45 +0.80%
- AUD/USD: 0.7937 +0.0052 +0.68%
The performance was actually pretty solid given yesterday’s weakness and the weak lead from US and European markets which were down overnight.
The Majors were higher after home loan data surged more than expected. The exception was NAB which fell 1.88% after completing a funding round which raised $2.7 billion.
Elsewhere, BHP was up 2.23%, Rio rose 1.07%, but Fortescue Metals was flat.
The top stories for Monday:
1. The RBA has revealed its internal concerns about the impact of the massive surge in investor borrowing for housing. In short, it could get very ugly, and not just for borrowers
2. El-Nino is more than just a weather phenomenom. It can have serious economic impacts. It seems Australia is heading back into drought according the the Bureau of Meteorology.
3. Australia’s Federal Budget process is broken. Here’s Paul Colgan’s take on what’s wrong and hope that Joe Hockey can start to rebuild the process tonight.