ANZ 1.60% $26.59 australia and new zealand banking group limited

News: ANZ Australian and New Zealand join global rally on strong US job report

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    SYDNEY/WELLINGTON, July 11 (Reuters) - Australian shares leapt on Monday, gaining 1.7 percent by lunchtime, while New Zealand stocks also tracked global markets higher, boosted by a much-larger-than-expected jump in U.S. job growth.

    The S&P/ASX 200 index (xjo) added 91.06 points to 5,321.6 by 0206 GMT. The rally follows solid gains on Wall Street on Friday, when the benchmark S&P 500 SPXT touched all-time highs after the job report.

    All sectors posted gains, as Australian shares tracked back towards their pre-Brexit high of 5,325.4 points.

    "The bulls have been proactive this morning, particularly within materials and energy after overnight commodity strength," said Gary Huxtable, client adviser at broker and advisory firm Atlantic Pacific Securities.

    "We’re also seeing some bargain hunters re-emerging in the recently beaten up financial stocks, particularly those with U.K. exposure," he said.

    "Investors seem to look at these stocks as too cheap to pass up, as opposed to the risks that these sectors face moving forward."

    Following firming commodity prices in London on Friday, Australia's resource sector shares posted significant gains, with mineral sands explorer Iluka Resources Ltd (ILU) surging 9.6 percent and mineral explorer Independence Group NL (IGO) rising 8.47 percent on announcing gold, zinc and copper production within or above guidance.

    Malaysia-based gold and mineral miner Saracen Mineral Holdings Ltd (SAR) gained 5.7 percent. Copper miner Oz Minerals Ltd (OZL) added 5.2 percent.

    Whitehaven Coal Ltd (WHC) rose 6.46 percent on rising coal prices and construction company CIMIC Group (CIM), formerly Leighton Holdings, gained as much as 3.2 percent on being awarded an A$1.58 billion tunnel project in Hong Kong.

    Financial stocks also posted gains, with Australia's big four banks all jumping more than 2 percent. The strongest movers were Australia and New Zealand Banking Group (ANZ), which gained 3 percent and Westpac Banking Corp, which (WBC) gained 2.69 percent.

    New Zealand's benchmark S&P/NZX 50 index (nz50) rose 0.7 percent or 48.17 points to 7,048.27.

    The biggest gainer was New Zealand Refining (NZR), which rose 2.55 percent.

    Health care was the best performing sector, with software company Orion Health Group (OHE) up 2.54 percent and health appliance maker Fisher & Paykel Healthcare (FPH) rising 1.4 percent.

    The subsidiaries of Australian banks also rose, with ANZ (ANZ) up 2.59 percent and Westpac (WBC) up 2.58 percent.

    Rubber goods company Skellerup (SKL) led losses, falling 0.8 percent.

 
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