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Market Wrap: S&P/ASX 200 shrugs off iron ore fall

The local sharemarket shrugged off heavy falls in commodities overnight, to record its third straight day of gains.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.4% to 5,137 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 0.4% to 5,192 points
  • AUD/USD at US 70.98 cents
  • Iron Ore at US$45.58 a tonne (down 4.5%), according to the Metal Bulletin
  • Gold at US$1,073.20 an ounce
  • Brent oil at US$43.57 (down 2.2%) a barrel

Following mixed leads from the US, but strong gains in European shares, the ASX had a slow start but drifted comfortably higher as the day progressed.

The market was led higher by gains in financials and banks. Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Ltd. (ASX: NAB) were the best-performing major bank stocks, rising 1%.

Despite falls in oil prices overnight, shares of Woodside Petroleum Limited (ASX: WPL), Santos Ltd (ASX: STO) and Oil Search Limited (ASX: OSH) also ended the day higher.

A 4.5% fall in iron ore prices on the back of a bleak Chinese demand outlook was enough to bring shares of BHP Billiton Limited (ASX: BHP), Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG) between 2.7% and 3.15% lower.

Here are Monday’s top stories:

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Motley Fool contributor Owen Raskiewicz has no position in any stocks mentioned.

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