The Australian stock market is trading notably higher on Monday with investors picking up stocks, tracking positive cues from the U.S. and European markets where stocks posted impressive gains on Friday amid easing worries about the global economy.
Financial, mining, industrial, property trusts and healthcare stocks are mostly up with sharp gains. Energy and consumer staples stocks are trading slightly mixed.
The benchmark S&P/ASX 200 index is up 41.5 points or 1 percent at 4,251.3. The broader All Ordinaries index is trading at 4,273, up 38.6 points or 0.9 percent from its previous close.
Among bank stocks, ANZ Bank, Commonwealth Bank of Australia and National Australia Bank are up 1.5 to 1.8 percent and Westpac is trading higher by about 1 percent. Bank of Queensland and Bendigo & Adelaide Bank are up 1.7 percent and 1 percent, respectively.
Among top miners, BHP Billiton, Rio Tinto and Newcrest Mining are up 1.5 to 2 percent, while Fortescue Metals is adding about 0.5 percent.
In the energy sector, Woodside Petroleum, Santos and Caltex Australia are up 0.3 to 0.8 percent, while Oil Search and Origin Energy are trading flat.
Iluka Resources is trading higher by more than 6 percent. Myer Holdings, Downer EDI, Brambles, Ansell and Atlas Iron are trading higher by 2.5 to 3.3 percent.
ResMed Inc, Alumina, Panaust, Asciano and Campbell Brothers, News Corporation and Goodman Group are up 2 to 2.4 percent. Beach Energy, Qantas Airways, Sims Metal Management and Oz Minerals are also trading sharply higher.
Among other markets in the Asia-Pacific region, Hong Kong, Japan, New Zealand, Singapore, South Korea and Taiwan are all trading notably higher, while Malaysia is up marginally. Markets across the region had ended on a firm note on Friday.
On Wall Street, stocks moved sharply higher on Friday, adding to the strong gains posted in the previous session, thanks to some upbeat U.S. economic data as well as the latest news out of Europe.
The major averages ended the day firmly in positive territory, with the Dow closing above 13,000 for the first time in well over two months. The Dow jumped 187.7 points or 1.5 percent to 13,075.7, the Nasdaq soared 64.8 points or 2.2 percent to 2,958.1 and the S&P 500 spiked up 26 points or 1.9 percent at 1,386.
Majot European markets too ended with strong gains on Friday. While the U.K.'s FTSE 100 index moved up by 1 percent, the German DAX index and the French CAC 40 index gained 1.6 percent and 2.3 percent, respectively.
U.S. crude oil settled higher on Friday, extending gains to a fourth successive day, due largely on assurances from leaders of France and Germany that they will spare no efforts to protect the eurozone.
Crude for September delivery gained $0.74 or 0.8 percent to close at $90.13 a barrel on the New York Mercantile Exchange Friday.
by RTT Staff Writer
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