SYDNEY, AAP – Australia’s share market is having its strongest day in a week and all sectors are higher.
The S&P/ASX200 benchmark index was higher by 118.2 points, or 1.76 per cent, to 6829.0 at 1200 AEDT on Monday.
The All Ordinaries was higher by 118.5 points, or 1.70 per cent, at 7061.5.
There were gains of more than two per cent for materials, consumer staples and consumer discretionaries.
There were gains of more than one per cent for financials, information technology, telecommunications, property, health and energy.
The strong showing comes after US markets closed higher on Friday.
Investors were upbeat after a US jobs report said non-farm payrolls increased by 379,000 jobs last month, blowing past economists’ predictions of 182,000.
There will be more attention this week on the $US1.9 trillion coronavirus aid bill, which passed the Senate on Saturday and is headed back to the House for approval.
Oil prices were up the highest levels in more than a year after Yemen’s Houthi forces fired drones and missiles at the heart of Saudi Arabia’s oil industry on Sunday, raising concerns about production.
Brent was selling at $US70.93 per barrel.
Prices had been supported by a decision last week by OPEC and its allies not to increase supply in April.
On the ASX, energy companies Woodside Petroleum, Oil Search, Origin and Beach rose by more than two per cent.
Energy giant Santos has had one of its largest shareholders, Chinese energy provider ENN Group, reduce its stake.
ENN sold its 5.14 per cent stake for $7.33 per share. The sale meant an ENN-nominated director, Eugene Shi, will resign from Santos’ board as per an earlier agreement between the two companies on board representation.
ENN retains a 9.97 per cent stake.
Santos shares were down 1.8 per cent to $7.62.
There were big gains for miners after the iron ore price rose by 1.71 per cent to $US178 per tonne.
BHP climbed 3.21 per cent to $49.78, Fortescue rose 2.66 per cent to $22.69 and Rio Tinto gained 3.72 per cent to $122.06.
Mining exploration company Americian Pacific Borates rose 7.4 per cent to $2.03 after it said it was working towards listing on the Nasdaq.
The company, which is developing a mine in the US to provide fertiliser, said it was recruiting US-based directors and talking to investment banks.
Reece Pharmaceuticals will begin trading on the Frankfurt Stock Exchange in Germany on Monday.
The company said more institutional and retail shareholders were expected from across Europe.
Its shares were higher by 3.06 per cent to $1.01.
The big banks rose, with Macquarie up 2.59 per cent to $147.94. ANZ gaining 1.0 per cent to $29.13, the Commonwealth up 2.52 per cent to $88.63, NAB rising 1.7 per cent to $26.84 and Westpac climbing 0.8 per cent to $25.07.
The Australian dollar was buying 77.10 US cents at 1200 AEDT, higher from 77.06 US cents at Friday’s close.