The Australian stock market followed the lead of Wall Street and a solid rise in the price of oil to finish the day up almost 1.9%, adding to Friday’s 2.45% surge.
The rally was broad-based with 47 of the 50 top stocks, the ASX 50, higher on the day. The energy sector was strongest up 3.94% on the back of crude oil’s big move on Friday and strength in Asian trade today.
Notable moves including a 25.81% surge in the Arrium share price to 19.5 cents and a massive fall of 21.59% in Kathmandu after it informed the market that its sales were under pressure.
The major banks all went higher, led by the Commonwealth which strengthened almost 2% to a record $85.35.
First, the scoreboard:
- S&P ASX 200: 5,442 +103.4 (+1.9%)
- All Ordinaries: 5414.1 +101.4 (+1.9%)
- AUD/USD: 0.8166 +0.0026
And the top stories on Monday:
1. Australian retailers are doing it tough, even online. The NAB online retail sales index showed that digital sales hit a historic low.
2. Interested in the big themes of 2014 and how they might impact 2015. Here’s The 12 Charts of Christmas:The Economic Trends That Defined Australia’s Year And Will Shape 2015
3. Fairfax and Macquarie Radio announced a merger today. Fairfax stock rallied 2 cents to 85 for a gain of 1.81%.
4. Just before you crack open the Christmas cheer The Economist is worried that the world economy in 2015 is starting to look like the late 1990’s, and not in a good way.