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Market Wrap: S&P/ASX 200 roars higher

The local sharemarket enjoyed a remarkably strong start to the week today as optimism rose sky-high.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 1.9% to 5,150 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 1.9% to 5,184 points
  • AUD/USD at US 70.60 cents
  • Iron Ore at US$53.14 a tonne, according to the Metal Bulletin
  • Gold at US$1,135.06 an ounce
  • Brent oil at US$48.33 a barrel

The sharp burst of confidence came as a result of a strong lead set by Wall Street on Friday night. US equity markets surged after a weaker-than-expected jobs report which investors hope will prolong an inevitable interest rate hike.

The gold miners were the biggest winners for the day after the gold price surged 2.1%. Newcrest Mining Limited (ASX: NCM) and Beadell Resources Ltd (ASX: BDR) rallied 9.1% and 10.3%, while Northern Star Resources Ltd (ASX: NST) gained 6%.

BHP Billiton Limited (ASX: BHP) was the best of the majors, surging 4%, while Australia and New Zealand Banking Group (ASX: ANZ) and National Australia Bank Ltd. (ASX: NAB) topped the banks, rising 1.7% each.

Only three stocks from the main bourse ended the day in the red. The worst of them was Ainsworth Game Technology Limited (ASX: AGI), slipping 2.9%, while the market’s top performer was Liquefied Natural Gas Ltd (ASX: LNG). It rose 15.6%.

Here are Monday’s top stories:

  1. Will the Reserve Bank cut interest rates on Tuesday?
  2. 3 pedal-to-the-metal GROWTH stocks
  3. Here’s why Veda Group Ltd’s (ASX: VED) shares could soar
  4. Newcrest Mining shares soar: Here’s why
  5. Will Woodside Petroleum Limited (ASX: WPL) lift its bid for Oil Search Limited (ASX: OSH)?
  6. 4 reasons Primary Health Care Limited (ASX: PRY) is no bargain

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest.

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.