Market Wrap: ASX 200 shrugs off political uncertainty

The uncertainty cast by the weekend’s inconclusive federal election result wasn’t enough to hold the ASX down today. After falling earlier in the session, the market rebounded shortly before midday and ultimately ended the day higher.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.7% to 5281 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.7% to 5365 points
  • AUD/USD at US 74.87 cents
  • Iron Ore at US$54.33 a tonne, according to the Metal Bulletin
  • Gold at US$1,346.22 an ounce
  • Brent oil at US$50.32 a barrel

Although the market as a whole rose, the banks didn’t provide any assistance.

Australia and New Zealand Banking Group (ASX: ANZ), Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Ltd. (ASX: NAB) all fell between 0.6% and 0.9%. Westpac Banking Corp (ASX: WBC) fell by 1%.

BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO), on the other hand, rose 2.3% and 3.7%. Fortescue Metals Group Limited (ASX: FMG) also rocketed 7.2%.

Select Harvests Limited (ASX: SHV) and EVOLUTION FPO (ASX: EVN) soared 8.7% and 8.5% respectively.

Unfortunately, iSentia Group Ltd (ASX: ISD) dropped 6.5%.

Here are Monday’s top stories:

  1. 4 ASX shares that could become bargains
  2. Why the RCG Corporation Limited share price is up 17% today
  3. Mesoblast limited moves to reassure investors
  4. Why Pro Medicus Limited shares are rocketing today
  5. Australia’s largest gold producers have doubled in the past year
  6. How Treasury Wine Estates Ltd could head north of $10
  7. Did your property grow more than your share portfolio in FY2016?

3 Rotten Shares to Sell, and 1 to Buy Today

Given the level of uncertainty in the market right now, investors are right to be cautious. You'll find a full rundown below of 3 shares we think you should avoid today plus one top pick worth buying, even if the market turns south and the RBA keeps rates at an "emergency low." Simply click here to uncover these stocks.

Motley Fool contributor Ryan Newman owns shares of iSentia Group Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

HOT OFF THE PRESSES: My #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.