The Australian Market Takes Off

The United Launch Alliance Delta 4 rocket carrying NASA’s first Orion deep space exploration craft at Cape Canaveral, Florida. Joe Raedle/Getty Images

The Australian market surged today as resources stocks were led higher by BHP which released a positive production report.

The big miner was up almost 2% before easing back to around 1.4% at $27.88. Rio Tinto was up 2.66% to $55.12. Woodside Petroleum was firmer by almost 1% to $32.56.

The major banks were all stronger with Westpac up 1.16% to $33.27, the NAB 1.22% to $33.97, Commonwealth 1.21% to $84.51 and the ANZ 0.83% to $31.77.

The local market was supported by positive performances on markets in the US and Europe after good economic news from China. The S&P 500 closed up 0.15%.

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