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Bank shares surge as investors digest election

AAP  |  20 May 2019Text size  Decrease  Increase  |  
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Banking stocks have surged as investors react to the coalition's federal election win, driving the Australian share market higher.

The benchmark S&P/ASX200 index was up 97.0 points, or 1.52 per cent, to 6,462.3 points at 1030 AEST on Monday, while the broader All Ordinaries was up 92.8 points, or 1.44 per cent, to 6,553.0.

ANZ was up 6.27 per cent at $27.47, Commonwealth Bank was up 5.29 per cent to $76.68, NAB was up 6.90 per cent to $25.57, and Westpac was up 7.50 per cent to $27.315.

The heavyweight financials - up about five per cent as a sector - and consumer-related stocks were in positive territory along with the materials sector after the first half hour of trade.

Tech shares had the heaviest losses, collectively down 0.83 per cent.

Mining giant BHP was down 0.21 per cent to $38.38, while Rio Tinto was up 0.78 per cent to $102.14 and Fortescue Metals was up 2.79 to $9.20 after iron ore rose above $US100 a tonne for the first time in five years at the end of last week.

Elders was flat at $6.58 after the diversified agriculture firm's first-half profit fell 34 per cent due to hot and dry weather across Australia.

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Murray Cod Australia jumped 3.23 per cent to 16 cents after the inland aquaculture enterprise announced that celebrity chef Heston Blumenthal would become one of its stakeholders.

Incitec Pivot was down 3.15 per cent to $3.225 after the chemicals and fertiliser manufacturer's first-half profit fell by more than two thirds following the north Queensland floods.

Scentre was down 0.39 per cent after the property group sold a 50 per cent stake in Sydney's Westfield Burwood shopping centre.

The Aussie dollar is buying 69.05 US cents, from 68.89 US cents on Friday.

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