ASX snaps 7-day losing streak as shares lift

At long last! The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has rebounded this morning following a late rally on Wall Street, sparking hopes that our local market might finally snap its seven-session losing streak.

Although the main bourse is currently sitting 0.9% higher at 4976 points, investors will likely be focused on the performance of Chinese shares when they open for trade this afternoon. Chinese equities have been sold off violently this year and any further volatility could be reflected on our own share market.

Following a shocking run, the banks are finally back on top today with Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corp (ASX: WBC) leading the way, up 1.9% and 1.7% respectively.

Australia and New Zealand Banking Group (ASX: ANZ) and National Australia Bank Ltd. (ASX: NAB) have each risen 1.5% as well, while Telstra Corporation Ltd (ASX: TLS) has surged 1.8%.

Unfortunately, the miners haven’t been so lucky following yet another tough night for commodity markets. Oil prices fell nearly 7% overnight according to The Australian Financial Review, while data from The Metal Bulletin showed that the iron ore price shed 2% to trade at US$41.31 a tonne.

BHP Billiton Limited (ASX: BHP) has fallen another 0.9% as a result, with Rio Tinto Limited (ASX: RIO) falling 1.6%, while Santos Ltd (ASX: STO) and Oil Search Limited (ASX: OSH) have lost 3.3% and 2.5%, respectively.

While it’s entirely possible that there will be more volatility over the coming weeks, the market is currently sitting near its lowest level since mid-2013 with plenty of shares trading at very attractive prices. That suggests that now could be an excellent opportunity to put some more cash to work.

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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.

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