SYDNEY, June 13 (Xinhua) -- The Australian share market surged in value on Tuesday, with the banking sector driving massive gains for the index, as the overseas tech stock sell-off lead to money making its way into the local market.
At the market close, the main S&P/ASX200 index was up 95.00 points, or 1.67 percent, to 5,772.80 points, while the broader All Ordinaries index was also up 86.30 points, or 1.51 percent, to 5,801.80 points.
Michael McCarthy, chief market strategist at CMC Markets was excited at the upward movement, and told Xinhua on Tuesday it was a "great day at the office" for the Australian market.
"Very strong move from the market, and a complete break for the weakness we have seen over the past two weeks," McCarthy said.
The market expert said there was some heavy rotation in the global markets, and this led to the extraordinary gains that were made in the ASX index on Tuesday.
"When there is a sell down like there was in U.S. tech stocks, some of that money finds its way into other markets." McCarthy said.
"It did look like we had a reasonable level of international participation in the markets today."
There were winners across the board on the trading floor today, with Bluescope Steel picking up a robust 4.83 percent, Sonic Healthcare surged 3.38 percent higher, while Ansell also soared a whopping 3.89 percent.
Despite the overall gains, there were some stocks that slipped as pizza giant Dominos lost 2.07 percent, telco Vocus took yet another hit, down 1.89 percent, while Carsales.com also dropped off by 1.41 percent.
To the banking sector, and there were big performances from the majors, as the Commonwealth Bank picked up 2.27 percent, Westpac also soared 2.62 percent, the ANZ lifted by 2.20 percent, while the National Australia Bank rounded out the gains with a 2.25 percent rise.
The miners were one of the few sectors to disappoint today, with BHP scraping higher with a 0.34 percent gain, Rio Tinto dropped value, losing 0.86 percent, Fortescue took a heavy hit, down 2.98 percent, while Newcrest barely managed to beat the trend, posting an 0.09 percent lift.
In the oil and gas sector, Woodside Petroleum gained a healthy 1.62 percent, Santos soared 2.56 percent higher, while PNG-focussed Oil Search managed a 1.03 percent gain of their own.
Grocery giant Woolworths finished the day 0.31 percent higher, while rivals Wesfarmers outperformed them, posting a 1.42 percent gain.
Biotech giant CSL, fresh off their acquisition of Chinese-owned Ruide posted a solid 1.67 percent gain, telco leader Telstra were 0.11 percent lower, while airline Qantas kept their run going with a 0.66 percent gain.
At 1625 local time AEST, one Australian dollar is buying 75.53 U.S. cents, while crude oil is trading at 46.30 U.S. dollars per barrel.
