The Aussie market is roaring higher to start the new week with the ASX 200 surging 115 points or 1.7% to 6,825 which follows a strong finish for US markets where indices rose close to 2% on better than expected jobs growth. The US$1.9 trillion relief bill was also passed by the Senate on Saturday.
Gains have been across the board as every sector advances. Leading the improvements are materials, IT and both consumer staples and discretionary.
Miners are firmly in the green even with a mixed session for metals prices. Iron ore, while still around the best levels since 2011, fell 2.1% over the weekend. BHP Group (BHP) and Rio Tinto (RIO) are climbing 3.2% and 3.7% each while Fortescue Metals (FMG) lifts 2.6%.
Smaller gold miner Silver Lake Resources (SLR) is among the biggest improvers among the ASX 200. SLR is climbing 6.3%. Wine maker, Treasury Wine Estates (TWE) is another strong performer on the benchmark index as it rises 8.2% on media speculation of a potential takeover from French business Pernod Ricard.
The big four banks are also contributing to overall advancements with Commonwealth Bank (CBA) leading its lending peers with a 2.3% rise. Westpac (WBC) is lagging with a gain of 0.8%.
Among technology names leading buy-now pay-later provider, Afterpay (APT) is adding 1% although other BNPL stocks are trading softer. Oil and gas producer, Santos (STO) is falling 1.6% on the announcement this morning that its largest shareholder, ENN Group is selling ~107.1 million units or roughly 5% of its holdings at $7.33 per share. ENN Group still holds a ~10% stake in STO.
There are several stocks trading ex-dividend with mixed results. Furniture retailer Nick Scali (NCK) is down 5.2% while online retailer Kogan.com (KGN) is down 1%. Northern Star (NST) is also softer by 1.2%. Ramsay Healthcare (RHC) and REA Group (REA) are both firmer despite trading ex-div.
The AUD continues to hover around 77.1 US cents and continues to trend lower on USD strength. There is no major economic news due today to move the local currency.
Published by CommSec