Market continues winning streak

The sharemarket closed at a five-year high as the big banks lifted before the release of NAB and ANZ results.

The sharemarket closed at a five-year high as the big banks lifted before the release of NAB and ANZ results.

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.

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