The Santa Rally Is Continuing For Australian Stocks

Sean Gallup/Getty Images

The Australian market continued its Santa rally today, spurred by rising oil prices.

On Wall Street the S&P 500 index was up 0.5% on Friday for a weekly rise of 3.4% but it is the oil price, which posted its biggest daily gain in two years at the end of last week, driving energy stocks higher.

Brent crude rose by US$2.11 or 3.6% to US$61.38 a barrel.

On the local market, Santos was up 5.5% to $8.43, Woodside Petroleum 2.2% to 38.69, Oil Search stronger by 5.3% to $8.09 and LNG more than 9% to $2.62.

The major banks were all up by more than 1%, led by the Commonwealth, tracking 1.7% higher to $85.13.

Mining giant BHP was testing the $30 a share mark, up 2.45% to $29.69.

Overall, the local market was up 1.49%, adding to the 2.45% on Friday, the biggest one day rise for all of 2014.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.