Bourse back with a vengeance as miners, IT stocks surge
The Australian share market has traded higher, recouping most of Friday's $60 billion in losses. -AAP Image
Australia's share market has rebounded with gusto from the previous session, recapturing the bulk of Friday's more than $60 billion in losses.
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The S&P/ASX200 surged 161.3 points on Monday, up 1.85 per cent, to 8,870.1, as the broader All Ordinaries rose 176.5 points, or 1.97 per cent, to 9,131.1.
A recovery for local stocks followed the worst session in 10 months on Friday, which wiped more than $60 billion from the top-500's combined $3.1 trillion market cap.
Gold miners were some of the market''s best performers as precious metals continued to swing wildly in the wake of their late January sell-off, hinting at more potential volatility as buyers and sellers tussle towards fair value in the segment.
The Australian dollar is buying 70.25 US cents, up from 69.55 US cents on Friday, supported by last Tuesday''s Reserve Bank interest rate hike and as rates markets indicate another increase is likely by June.
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