The share market recovered from early losses to close higher on Monday, the first time in five days, after it was buoyed by gains from the banks and iron ore miners.
The S & P/ASX200 climbed 35.6 points or 0.5 per cent, to close at 7192.3 points, while the broader All Ordinaries also was up at the closing bell by 29.7 points or 0.4 per cent, to finish at 7,387.8 points.
Financial stocks were the best performing. Commonwealth Bank rose 1.2 per cent to $102.04, NAB 1.4 per cent to $29.05, ANZ 1.4 per cent to $25.28 and Westpac gained 1.8 per cent to $21.55.
A jump in the iron ore price also pushed the benchmark higher. BHP rose 1.1 per cent to $43.66 a share, Rio Tinto up 1.1 per cent to $112.40, and Fortescue up 1.2 per cent to $19.63 a share.
Health care was the worst performing sector. Bio-tech giant CSL fell 2.28 per cent to $267.57 after trading ex-dividend for after paying a final dividend of US$1.29 per share.
Graphite producer Syrah Resources finished x per cent high to close at 61c a share after it announced it had received a $234.6m loan to expand its operations in Mozambique.
Scrap metal recycler Sims slumped 11 per cent to $13.78 a share after providing a market update that demand for steel remained subdued.
While the firm remains confident about its long term profitability, Sims anticipates Q1 FY24 earnings to break even in the three months to September 30.
Markets reacted positively to the announcement that former Suncorp chief executive David Foster, who led the Brisbane based bank from 2008-13 will be the new chair of Bendigo and Adelaide Bank. Shares rallied 2.45 per cent to close at $9.21 a share.
Mr Foster will succeed outgoing chair Jaqueline Hey, who exits the board after more than 12 years in the role.
Despite closing higher, CommSec market analyst Steve Daghlian said September had been a rocky month for the share market.
“That we’ve ended a nasty four day losing streak doesn’t change the fact that it’s been a pretty rough start to September,” Mr Daghlian said.
“We’re seven days in and the market’s down 1.6 per cent month to date. So that’s enough to reverse at least most of the surprising gains we had in the final week of August.”
Mr Daghlian said traders were closely watching fresh jobs numbers to be released on Thursday.
“The expectation is that we‘re probably going to get employment jumping by about 40,000 in August because of a mix of the FIFA Women’s World Cup and also the end of the school holidays that tends to at least historically provide a bit of a boost to hiring.” Mr Daghlian added.
Originally published as Miners, banks end ASX’s four-day losing streak