The Australian sharemarket has started the week strongly with the ASX200 trading at its highest level for the year.
The ASX is outperforming the positive leads it received from Wall St on Friday.
Global markets have been pushing higher since the recent US debt ceiling agreement, with a more benign environment encouraging investors' willingness to take risks.
“Across the board, there is real optimism and positive sentiment with the (US) S&P 500 striking a new record,” IG market strategist Stan Shamu told AAP. The broad-based S&P 500 increased 7.70 (0.44 per cent) to 1,759.77.
Locally, the major banks, which represent four of the six largest stocks on the market, are all making solid gains as traders position themselves ahead of National Australia Bank and ANZ's release of full year results this week.
ANZ is the best performer, up 43 cents, or 1.3 per cent, at $33.09, while NAB is next best, up 40 cents, or 1.11 per cent, to $36.48. Commonwealth Bank had gained 73 cents to $77.01 and Westpac was 31 cents higher at $3467.
The major miners continue to perform strongly in the wake of recent strong iron ore production reports, with BHP Billiton up 37 cents to $37.78, Rio Tinto 70 cents better at $64.47 and Fortescue Metals Group jumping 12 cents, or 2.3 per cent, to $5.33.
Blood products and vaccines group CSL is the best performer of the top 20 companies, up $1.38, or 2.1 per cent, to $67.85.
- At 1035 AEDT on Monday, the benchmark S&P/ASX200 index was up 51.5 points, or 0.96 per cent, at 5,437.8 points.
- The broader All Ordinaries index was up 50.1 points, or 0.93 per cent, at 5,435.8 points.
- The December share price index futures contract was up 46 points at 5,431 points, with 8,261 contracts traded.
- National turnover was 337.5 million securities worth $581.7 million.