The Australian stock market is up sharply on Monday with investors indulging in heavy buying almost across the board, amid renewed optimism about the global economy after the pro-bailout New Democracy party came back to power in Greece following the parliamentary elections on Sunday.
A strong lead from Wall Street where stocks moved higher on Friday, is also contributing to the upbeat mood in the market.
Financial, mining, energy, industrial and consumer staples stocks are mostly trading notably higher.
The benchmark S&P/ASX 200 index is up 70.7 points or 1.7 percent at 4,128. The broader All Ordinaries index is trading at 4,174.7, up 67.7 points or 1.6 percent from its previous close.
Among bank stocks, ANZ Bank, Commonwealth Bank of Australia, National Australia Bank and Westpac are up 1.2 to 1.8 percent. Bendigo & Adelaide Bank and Bank of Queensland are also trading notably higher.
Among top miners, BHP Billiton is up 2 percent, Rio Tinto is gaining more than 3 percent and Fortescue Metals is up nearly 3 percent, while Newcrest Mining is trading 0.8 percent up.
In the energy sector, Santos is up more than 3 percent and Caltex Australia is trading 2.8 percent up, while Woodside Petroleum, Oil Search and Origin Energy are trading higher by 1.2 to 1.5 percent.
Lynas Corporation shares are up nearly 13 percent. Fairfax Media is gaining over 9 percent on hectic buying at the counter following the company's announcement of a restructuring plan.
Beach Energy, Paladin Energy, Leighton Holdings, Oz Minerals, Boral and Whitehaven Coal are trading higher by 4 to 5.5 percent.
Challenger, Downer EDI, Suncorp Group, Macquarie Group, QBE Insurance Group, James Hardie Industries, Sims Metal Management and Orical are all trading higher by 2.8 to 3.5 percent.
On Wall Street, stocks posted strong gains on Friday, amid optimism about the likelihood of further stimulus measures from the world's central banks.
The major averages ended the session near their best levels of the day. The Dow climbed 115.3 points or 0.9 percent to 12,767.2, the Nasdaq jumped 36.5 points or 1.3 percent to 2,872.8 and the S&P 500 surged up 13.7 points or 1 percent to 1,342.8.
Major European markets too moved higher on Friday. While the U.K.'s FTSE 100 index edged up by 0.2 percent, the German DAX index and the French CAC 40 index jumped 1.5 percent and 1.8 percent, respectively.
U.S. crude oil futures settled higher on Friday, as investors weighed demand growth concerns amid rising hopes of further monetary stimulus by central banks after some soft economic data out of the U.S.
Crude for July delivery gained $0.12 or 0.1 percent to close at $84.03 a barrel on the New York Mercantile Exchange.
by RTT Staff Writer
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