The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is trading 0.5% higher at 5696 points late in the session with shares lifting for the third day in a row, ending what has been a volatile July.
The market has been rocked wildly over the last month or so as investors have dealt with the threat of a potential Grexit – or Greece's exit from the Eurozone – as well as a Chinese stockmarket meltdown.
Indeed, the Asian nation has endured a horrendous run and is on track to post its worst monthly loss in almost six years, as highlighted by the Fairfax press, with investors fretting that the losses could spill over into the real economy. Despite this, our own sharemarket is set to record a healthy monthly gain of 4.3%.
Today, the market has been buoyed by a rise in each of the Big Four banks and yet another strong gain for CSL Limited (ASX: CSL) and ResMed Inc. (CHESS) (ASX: RMD). CSL rose 3.1% to a fresh high of $99.33 after the company said it has moved closer to acquiring Novartis' influenza business in a deal which will create the world's second-largest flu vaccine company, while ResMed surged 6.9% following an upbeat quarterly report.
Meanwhile, Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Ltd. (ASX: NAB) are leading the banks with a 0.4% gain each, while Australia and New Zealand Banking Group (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) have both risen a more modest 0.1%.
Unfortunately, the miners acted as a drag on the broader market's progress with BHP Billiton Limited (ASX: BHP), Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG) all recording minor falls. The iron ore price retreated 0.4% overnight to US$55.64 a tonne, according to the Metal Bulletin, which may have dampened the market's confidence.
All in all, it's been a strong day for the ASX with the gains mostly widespread. Although it is impossible to determine whether, or how long the market's optimism will last, you can be sure there are still plenty of great opportunities presenting themselves – so long as you know where to look.
