The Australian share market had climbed to its highest level since February 25 last year, and it rises for its second day in a row.
Nation’s most prominent companies will announce their results this week, and investors will get a chance to scrutinise the impact of coronavirus has had on their profits. Insurance Australia Group and Commonwealth Bank are among the known names who will report their earnings on Wednesday, followed by Telstra, AMP, Transurban, and AGL Energy on Thursday.
By 12:30pm AEDT, the benchmark ASX 200 was up (+0.7pc) to 6,890. The broader All Ordinaries index had lifted (+0.8pc) to 7,170 points.
A few of the top-performing stocks on Monday were Mineral Resources (+4.1pc), Iluka Resources (+5.4pc), and REA Group (+4pc).
Shares in Zip Co surged (+11.2pc) to $9.67 on reports that management was seeming to hit US investors over the coming few days.
On the flip side, Unibail Rodamco Westfield (-2.4pc), News Corp (-3.6pc), Origin Energy (-3pc), and AGL Energy (-2.3pc) suffered heavy losses.
The Australian dollar has grown to 76.7 US cents since the weekend, and it was up approx 1 per cent.
It was because of a lower greenback after the United States issued some weaker-than-expected job numbers on Friday.
According to the US Labor Department’s latest data, the number of non-farm payrolls rose by 49,900 last month.
December’s job figures were still worse than initially believed; the number of American job losses climbed to 227,000 during that month.
US President Joe Biden has discussed that the terrible job figures highlight the important requirement for his suggested $US1.9 trillion stimulus package to be announced. The chance of more money being tapped into the economy boosted Wall Street to report highs.
The S&P 500 went up (+0.4pc) to 3,887 and the Dow Jones lifted (+0.3pc) to 31,148. The tech-heavy Nasdaq index increased (+0.6pc) to 13,856 on Friday.
All three US indices posted their best week since November. Last week, the Dow, S&P, and Nasdaq jumped by 3.9, 4.7, and 6 per cent, respectively.