While on one hand the australian stock market reached some sorts of milestone today with topping the biggest one day gain in the market for nine years .
On the other hand the flow of red ink through the Australian property sector has started with a multi-million dollar loss and big capital raising from the Singapore Government-controlled company, Australand Property Group. It will be the first of a long line of poor results.
Largest monthly gain in nine years today in australian stock market
The Australian share market has posted its largest monthly gain in nine years on the back of a resurgent financial sector
For the month, the ASX200 gained 7.3 per cent, its best monthly return since June 2000 when it chalked up 7.5 per cent. It was also its fifth straight month of gains. For the All Ords, the gain in July was 7 per cent, its best return since March.
By sector, materials added 1.9 per cent today alone, with banks were also higher by 1.9 per cent. Energy stocks were 1.7 per cent stronger.
- Asian shares jumped to a 10-month high
- The dollar rides on the back of the share rally
- Oil extended its rebound on demand hopes
- Gold edged higher as greenback loses its allure
- Dow futures are 42 points higher at 9132
National Australia Bank rose 56 cents, or 2.4 per cent, to $24.33, ANZ gained 79 cents, or 4.5 per cent, to $18.53, Commonwealth Bank increased $1.18, or 2.8 per cent, to $42.80 and Westpac added 32 cents, or 1.5 per cent, to $21.69.
Today's Australian Indices Market pulse
Australian shares have gained 29 per cent over the past five months, the strongest five-month run in just over 20 years.
TODAYS Market Tends UPDATE
QBE shares tumbled 27 cents to $19.50.
The big miners were up after higher commodity prices overnight.
Rio Tinto rose 4 per cent to $60.40, while BHP Billiton was up 1.9 per cent to $37.85.
Uranium miner Energy Resources of Australia added 1.4 per cent to $25.30, after more than tripling its first half year net profit, compared with the same time last year.
The company's net profit after tax and underlying earnings was a record $127.6 million.
Telstra fell nine cents to $3.53, after it was downgraded to underperforming from neutral by a major broker.
- Aust markets: Financial sector pushes stocks higher
- Aust dollar report: Australian dollar closes higher
- Aust credit close: Australian bonds close stronger