The local share market has fallen in each of its last two sessions but that looks set to change today with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up more than 1% near lunchtime, defying a weak start from BHP Billiton Limited (ASX: BHP).
BHP Billiton has severely underperformed the broader market over the last 12 months as a result of crashing commodity prices and the prospect of lower dividends, while the recent catastrophe at Samarco, Brazil, saw the shares sold down even further. They’ve fallen 3.1% so far this morning and are threatening to fall below the $19 per share mark for the first time since 2008.
However, each of the big four banks have provided enough support to see the market rally higher. Commonwealth Bank of Australia (ASX: CBA) is up 1.8%, while National Australia Bank Ltd. (ASX: NAB), Australia and New Zealand Banking Group (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) have all risen between 1.4% and 1.5%.
Although the sharemarket has been somewhat jumpy lately, the ASX 200 is still trading well below its high levels from earlier this year, presenting investors with a fantastic opportunity to buy high-quality companies at beaten-down prices.
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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.