BHP, banks lead the market

After three days of trading in the red, the market is again pushing forward.

After three consecutive days of trading in the red, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has today regained 40 points to be sitting at 5,274.2 points – just 0.5% away from the five-year high set just last week.

Australia’s major banks and miners have lead the charge, with Commonwealth Bank (ASX: CBA), NAB (ASX: NAB), ANZ (ASX: ANZ) and Westpac (ASX: WBC) having gained between 0.25% and 1.39%. Meanwhile, after having released their annual reports today, BHP Billiton (ASX: BHP) and Fortescue Metals Group (ASX: FMG) have appreciated 0.5% and 3.4%, respectively, whilst Rio Tinto (ASX: RIO) has also gained 0.5%, aided by the slight increase in iron ore overnight to US$132.40 per tonne.

The gains have been realised despite fears bouncing around the local economy that heavy market volatility and a high Australian dollar could negatively impact what was anticipated to be one of the best years for share market floats in nearly a decade. The dollar has fallen slightly since yesterday and is currently trading for US93.9c.

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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned.

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