The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has surged past the 5,200 point mark again in what is its third consecutive day of gains, following a strong session for international equity markets overnight. Indeed, the local share market rose another 1.7% today with suggestions a Santa rally could again be in the mix.
Once again, it is the country's major banks leading the charge with investors keen to take advantage of their heavily beaten-down prices.
While Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corp (ASX: WBC) rose 1.3% and 1.5%, it was National Australia Bank Ltd. (ASX: NAB) and Australia and New Zealand Banking Group (ASX: ANZ) which truly delivered, rising 2.1% each.
A number of other blue chip corporations also came to the party, including Wesfarmers Ltd (ASX: WES) and Rio Tinto Limited (ASX: RIO), which gained 2.8% and 4.2%, respectively.
However, all eyes are on BHP Billiton Limited (ASX: BHP) as it prepares for its 2015 Annual General Meeting, set to take place in Perth today. The miner's shares have risen 2.4% in the lead-up to the meeting with investors hoping to learn more about the group's so-called 'progressive dividend' policy, and seek further updates regarding the recent Samarco mine disaster in Brazil.
Comments from two major investment firms regarding the Australian economy could also be providing investors with a much-needed breath of fresh air. According to the Fairfax press, economists from Sydney-based Altair Asset Management and the US-based William Blair are more upbeat on the Australian economy suggesting it is "far from a recession" and "poised to attract international buyers."
So far, that has proven to be spot on with Ozforex Group Ltd (ASX: OFX) confirming it has received a takeover offer from the US-based Western Union this morning. The shares have surged 28% today and could be in line for further gains over the coming weeks.
Despite today's gains, the local stock market is still sitting well below its high levels from earlier this year, and investors who take advantage today could be well rewarded in the long run.
