The Australian share market has managed to string together its second day in the black despite a weak lead being set by Wall Street overnight.
After the Dow Jones and NASDAQ indices retreated 0.2% and 0.4% respectively, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) rose a convincing 0.6% to be trading back above the 5,700 level.
So far, Australia's retailers have done lots of the heavy lifting following the Liberal government's latest Federal Budget. Commonwealth treasurer Joe Hockey passed on significant support for families and small businesses with the intention of sparking a spending spree, particularly on products such as work laptops, phones and tablets.
Harvey Norman Holdings Limited (ASX: HVN) has been one of the biggest beneficiaries thus far with its shares jumping almost 7% to a fresh five-year high of $4.70. JB Hi-Fi Limited (ASX: JBH), Dick Smith Holdings Ltd (ASX: DSH) and Myer Holdings Ltd (ASX: MYR) also received a nice boost with their shares up 2.4%, 4.2% and 7.8% respectively.
The nation's oil and gas stocks were also on fire today following a strong rise in oil prices overnight. According to the Fairfax press, Brent crude, which is the global benchmark, extended its rally overnight, climbing another 3.5% to US$67.18 a barrel. Woodside Petroleum Limited (ASX: WPL) and Santos Ltd (ASX: STO) rose 1.3% each, while Sundance Energy Australia Ltd (ASX: SEA) jumped an impressive 7.6%.
With the exception of Westpac Banking Corp (ASX: WBC), which is down 1.9% after it went ex-dividend, it's also been a more positive day for the Big Four banks. Australia and New Zealand Banking Group (ASX: ANZ) and National Australia Bank Ltd. (ASX: NAB) jumped 2.3% and 2.8% respectively, while Commonwealth Bank of Australia (ASX: CBA) rose a more modest 1.1%.
Given the heavy falls experienced by the banks recently, some investors might consider now a great opportunity to buy. While they are certainly cheaper than they have been in recent times, they still remain expensive when considering their limited growth prospects. With further falls expected for those stocks, investors would be wise to remain well clear.
