The Australian Market Hops Higher

Image: Catharina Vendl

The Australian market jumped higher for the second day in a row after speculation that China would further ease monetary policy.

The market interpreted an improved inflation number of 1.6%, the lowest since 2010, as giving China the capacity to improve liquidity.

Australian investors pushed the ASX higher by almost three-quarters of one per cent, and the S&P/ASX 200 closed up 38.17 points to 5,245.60.

The major banks saw favour, mostly closing up around 1% with Westpac end the day at $32.46 and NAB was $32.56. The Commonwealth was up 1.75% to $75.42 and the ANZ 0.67% to $31.36.

Among the miners, BHP added 0.87% to $33.74

Australian biotech company CSL Limited was up almost 1.5% to $73.57 after it announced another big on market buy back, almost $1 billion.

Qantas was up almost 4% to $1.33.

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