Market Wrap: Banks, resources and energy companies lead the way

The local share market has continued its strong run, rising for the fifth consecutive day, although weak leads from overseas meant only small gains for our market today.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.2% at 5,090 points
  • All ORDINARIES (Index: ^AORD) (ASX: XAO) up 0.2% at 5,151.1 points
  • AUD/USD currently at US 73.6 cents
  • Iron ore at US$51.20 a tonne, after falling 2.5% overnight according to Metal Bulletin
  • Gold at US$1,263.25 an ounce, up 1.9%
  • Brent crude oil gained 0.5% to US$37.12 a barrel

Global markets were flat overnight, leading to a soft start on the ASX.

The big four banks Australia and New Zealand Banking Group (ASX: ANZ), Commonwealth Bank of Australia (ASX: CBA), National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC) all posted strong gains, with Westpac up 1.5%.

BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) also had a strong trading session, closing up 2.4% and 1.6%.

But the strongest gains in the top 20 were reserved for oil and gas companies Santos Ltd (ASX: STO) and Origin Energy Ltd (ASX: ORG), which gained 5.7% and 3.4% respectively.

Here are Friday’s top stories:

  1. The corporate regulator is taking ANZ to court over alleged market manipulation
  2. Medibank shares fall: Could this be a buying opportunity?
  3. Slater & Gordon shares rocketing ahead today
  4. Supermarket price wars: Coles vs Woolworths
  5. 4 ASX shares soaring today
  6. 3 shares for a housing market boom

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Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga

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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