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Category: Stockmarket / Currency / Markets

Share market rallies on overseas gains

Monday, 25 Jan 2016 09:36:57 | Michael Janda

A surge in major bank share prices has lifted the Australian market. (Sergio Dionisio, file photo: Getty Images)

The Australian share market had risen strongly by midday, as gains for the major banks offset declines for the two biggest miners.

Key points

  • Australian shares up 1.25 per cent shortly after midday (AEDT)
  • Wall St's benchmark S&P 500 index gained 2 per cent on Friday
  • Australian shares now up for three days straight

By 12:23pm (AEDT) the ASX 200 was 1.25 per cent higher at 4,977, while the broader All Ordinaries index was up 60 points to 5,030.

The rise was led by the major banks, with ANZ and NAB's 2.6 per cent gains the best of the big four, while Westpac's 1.7 per cent rise was the smallest.

Investment bank Macquarie also fared well in morning trade, reaching $75.23, a gain of 2.4 per cent.

Regional banks, Bendigo and Adelaide and Bank of Queensland, posted much smaller gains of just over 1 per cent.

The market was split in the commodities sector, with oil and gas companies doing well on last week's mammoth rebound in crude oil prices.

Brent rallied back above $US30 a barrel, trading at $US32.12 in Asia.

Woodside was up 2.8 per cent to $26.17, Origin up 3.9 per cent, Santos 1.8 per cent and Oil Search 0.7 per cent.

However, mining companies were not faring as well: Rio Tinto was down 1.8 per cent, BHP Billiton off 0.6 per cent and Oz Minerals had slumped 5.2 per cent.

Qantas was losing out today on the rising oil price, falling 3.9 per cent to $3.815.

The Australian dollar was also down, falling to 69.8 US cents.

AustraliaPlus


 

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