Greece defaults, the Australian market rallies

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The Australian market rallied on the first trading day of a new financial year, despite the Greek debt crisis and a weak lead from Wall Street.

Greece is now officially “in arrears” after missing a 1.6 billion euros payment to the International Monetary Fund.

On Wall St, the S&P 500 closed up 0.3%. Yesterday the local market gained ground, with the S&P ASX 200 stronger by 0.7%.

Today, the banks and energy stocks were carrying the market. The Commonwealth was up 0.83% to $85.83 and the ANZ 0.65% to $32.41.

Woodside Petroleum gained 1.29% to $34.67, Santos 1.66% to $7.96 and LNG 2.36% to $3.90.

A range of industrial stocks were on a tear. Sydney Airport was up 5.62% to $5.26 and Transurban 2.69% to $9.55.

The big miners were slipping in response to iron ore prices falling below $US60.

BHP was down 1.96% to $26.52, Rio Tinto 1.95% to $52.70, Fortescue Metals 5.13% to $1.81 and Arrium 3.7% to $0.13.

Seven out of the ten sectors were higher.

A short time ago, the index was up 0.52%, below the day’s high of 0.9%.

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