Aussie share market rallies early on Monday

Source: Xinhua| 2017-06-26 09:19:18|Editor: ying
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SYDNEY, June 26 (Xinhua) -- The Australian share market got out to a flyer on Monday, with gains across all sectors, following a sluggish performance last week.

At 10:47 local time AEST, the main S&P/ASX200 index was up 30.70 points, or 0.54 percent, to sit at 5,746.60 points, while the broader All Ordinaries index was also up 29.50 points, or 0.51 percent, to be 5,784.10 points.

The Australian market was "seeing support across the board" this morning, according to Michael McCarthy, chief market strategist at CMC Markets who told Xinhua that every official sector was tracking higher.

"Investors are buying the market, rather than individual stories," McCarthy said.

"Best performers so far are healthcare and consumer staples, so there has been a bounceback in those consumer stocks. Volumes are weak though, there doesn't appear to be much in the way of commitment."

One of the stocks McCarthy said was performing well was Metcash, who soared a whopping 7.31 percent this morning, which the analyst attributed to them being able to "impress the market", and did not rule out the potential of a takeover by soon to be Australian disrupter, Amazon.

"I certainly think it is a potential takeover target. It has a logistic chain that is what anyone coming into the market like Amazon would need." McCarthy said.

To the banking sector, the Commonwealth Bank gained 0.30 percent, Westpac also did well, up 0.60 percent, the ANZ were strong, gaining 0.40 percent, and the National Australia bank rounded out the big four with a solid 0.44 percent lift at the open.

To mining, and BHP did well in the early going, picking up 0.49 percent, Rio Tinto gained ground after news that Glencore revised their bid for the Coal & Allied assets, picking up 1.39 percent, Fortescue gained a healthy 0.86 percent, while Newcrest bucked the trend, and fell early, down 0.33 percent.

In the oil and gas majors, an uptick in the price of crude oil saw Woodside Petroleum pick up 0.65 percent, PNG-focussed Oil Search gained 0.46 percent, while Santos saw a huge 1.54 percent gain.

Grocery giant Woolworths tracked well early, gaining 0.91 percent, while rivals Wesfarmers also saw some gains, picking up 0.74 percent.

Telco giant Telstra were up 0.35 percent, biotech firm CSL gained 0.9 percent, while airline Qantas also gained 0.72 percent.

One Australian dollar is currently buying 75.66 U.S. cents, while crude oil is trading at 43.23 U.S. dollars per barrel.

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