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Market Wrap: S&P/ASX 200 continues hot streak

Credit : Will

The local market closed higher today, continuing the strong rally it posted last week.

Here’s a wrap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.4% to 5,276 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.4% to 5,326 points
  • AUD/USD at US 71.81 cents
  • Iron Ore at US$44.91 a tonne, according to the Metal Bulletin
  • Gold at US$1,077.65 an ounce
  • Brent oil at US$44.48 a barrel

Despite gains in international shares on Friday, another fall (1.2%) in iron ore prices at the weekend led to further losses from shares of BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO).

The banks were the drivers on the market today with each of the majors climbing higher. National Australia Bank Ltd. (ASX: NAB) rose a solid 0.87%.

Meanwhile, more rumours are emerging that embattled supermarket giant, Woolworths Limited (ASX: WOW), could again be caught in the crosshairs of international private equity firms. Its shares rose 3.9%, while rival Wesfarmers Ltd (ASX: WES) climbed 1.05%.

Slater & Gordon Limited (ASX: SGH) was the ASX’s worst performer, falling 19%. Myer Holdings Ltd (ASX: MYR) was among the best performers, up 3.9%.

Here are Monday’s top stories:

  1. Is South32 Ltd a bargain at today’s share price?
  2. Are Westpac Banking Corp shares a ‘Buy’ at this price?
  3. Why Slater & Gordon Limited shares were smashed 10% today
  4. At $5.40 are Telstra Corporation Ltd shares a buy?
  5. Should you buy Veda Group Ltd at this share price?
  6. Woolworths Limited share price jumps on takeover speculation
  7. 3 retirement dividend shares on sale

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Motley Fool contributor Owen Raskiewicz owns shares of Slater & Gordon Limited, and has a financial interest in Woolworths Limited.

Owen welcomes your feedback on Google plus (see below), LinkedIn or you can follow him on Twitter @ASXinvest.

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. 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.

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