Market continues winning streak
At the close on Monday, the benchmark S&P/ASX 200 Index was 55.1 points, or 1.02 per cent, higher at 5441.4. The broader All Ordinaries was up 51.6 points, or 0.96 per cent, at 5437.3.
CommSec analyst Steven Daghlian said the 1 per cent gain was the ninth positive finish in 10 days.
"This is the best winning streak for 2013," Mr Daghlian said.
Less likelihood of the US central bank ending its stimulus program, a strong result on Wall Street and positive Chinese economic data last week had all contributed to the good result on Monday.
"We're seeing all-time highs in a number of different areas, with three of the big four banks sitting at their best levels ever."
While NAB was not trading at record highs, it is still the best performing bank this year, he said.
Since the recent US debt ceiling agreement, global markets have been pushing higher as investors show more willingness to take risks in the absence of bad news.
Among the banks, ANZ was up 58¢ at $33.24, National Australia Bank rose 60¢ to $36.68, Commonwealth Bank gained $1.12 to $77.40, and Westpac climbed 25¢ to $34.61.
NAB and ANZ release their full-year results this week.
In the resource sector, BHP Billiton was up 44¢ at $37.85, and Fortescue Metals rose 21¢ to $5.42.
Rio Tinto added 61¢ to $64.38 after it agreed to sell its majority stake in its Clermont coalmine, in central Queensland, for more than $1 billion.
Perth-based minerals explorer Greenland Minerals and Energy rose 3¢, or 9.4 per cent, to 35¢ after Greenland's parliament voted to remove a 25-year-old ban on uranium mining.
Ardent Leisure Group was 3¢ richer at $2 after a solid performance from its health clubs division helped boost first-quarter revenue and earnings.
But Treasury Wine Estates lost 4¢ to $4.49 as shareholders moved to take legal action against the winemaker over write-downs related to excess stock in the US.
Elsewhere, the dollar traded in a narrow range as investors await information from the Australian and US central banks this week.
Late on Monday, the local unit was trading at US96.05¢, unchanged from Friday.
Frequently Asked Questions about this Article…
The sharemarket closed at a five-year high due to strong performances by big banks and positive economic indicators, including a strong result on Wall Street and positive Chinese economic data.
The recent winning streak in the market, which is the best for 2013, was driven by factors such as the less likelihood of the US central bank ending its stimulus program, strong Wall Street results, and positive Chinese economic data.
In the recent market rally, three of the big four banks reached their best levels ever, with ANZ, National Australia Bank, Commonwealth Bank, and Westpac all seeing significant gains.
The US debt ceiling agreement led to global markets pushing higher as investors showed more willingness to take risks in the absence of bad news.
In the resource sector, BHP Billiton and Fortescue Metals saw gains, while Rio Tinto added value after agreeing to sell its majority stake in the Clermont coalmine for over $1 billion.
Greenland Minerals and Energy's shares rose by 9.4% after Greenland's parliament voted to remove a 25-year-old ban on uranium mining, boosting investor confidence.
Treasury Wine Estates' shares declined as shareholders moved to take legal action against the company over write-downs related to excess stock in the US.
The Australian dollar traded in a narrow range as investors awaited information from the Australian and US central banks, with the local unit trading at US96.05¢ late on Monday.
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