Australia’s share market has started the week higher after banks rallied in anticipation of US earnings season, while rebounding metals prices supported mining stocks.
The S&P/ASX200 rose 66.6 points on Monday, up 0.76 per cent, to 8783.2, as the broader All Ordinaries gained 59.3 points, or 0.67 per cent, to 8937.
Resurgent copper prices lit a match under BHP shares, which surged more than two per cent to $62.39, adding a cool $7.3 billion to the market value of Australia’s largest company.
Westpac led the big four banks higher amid optimism around US banking earnings due later in the week, while oil prices eased during the session despite ongoing supply risks and conflict in the Middle East.
The Australian dollar is buying 69.77 US cents, down from 69.83 US cents on Friday at 5pm.
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