The Australian Market Has Sprinted Into A New Week

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The Australian market strengthened again today after stellar trading last week.

The S&P/ASX 200 closed 0.86% firmer at 5,459.0, its highest level in 30 days.

The local market ran with a strong Wall Street after US stocks rose on encouraging economic data and good company earnings results.

The US S&P 500 improved by 4.1% over the week. In Australia, the market rose 2.7% to Friday, the best improvement since February.

Today the major banks all closed stronger, led by the Commonwealth up 1.59% to $80.02 and Westpac up 1.02% to $34.56.

The miners were the weak sector. Fortescue Metals was down 3.03% to $3.36 and Rio Tinto weaker by 0.43% to $59.79.

Retail Food Group Shares jumped 9.05% to $5.30 after it successfully raised $40 million in a $4.80 per share placement to partly funds its acquisition of Gloria Jeans

Amcom Telecommunications shares strengthened about 12% to $2.09 after Vocus Communications revealed it bought 10% of Amcom and wanted to talk about a merger.

Qantas was tracking 5.26% higher at $1.50 a share after analysts increased earnings forecasts and mark the stock as a Buy.

Investors rewarded Biotech stock CSL’s announcement that it was becoming the second largest flu vaccine company in the world. The stock was up 0.82% to $76.28.

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