Surging miners, healthcare stocks lift ASX despite major banking slump

Australia’s sharemarket has closed higher despite all four major banks slipping and US Treasury moves unnerving markets - with miners and healthcare stocks carrying the day.

The benchmark ASX 200 added 44.20 points or 0.49 per cent to 9103.10, while the broader All Ordinaries closed up 47 points or 0.51 per cent higher to 9316.70

Australia’s dollar slipped against the greenback to buy 71.69 US cents.

This was down marginally from a multi-month high of 71.80 US cents achieved on Friday.

On an overall strong day, just five of the 11 sectors finished higher, led by the major miners and healthcare stocks.

Helping to lift the major miners was the price of both iron ore and gold rising.

Iron ore jumped to $US97.7 ($A136) a tonne, due to fresh Chinese stimulus packages aimed at boosting their economy, while the gold price appreciated to $US4640 ($A6474).

BHP reached a record high, as it surged 3.01 per cent to $67.12, Rio Tinto jumped 1.17 per cent to $177.43 and Fortescue closed up 1.01 per cent to $17.93.

Gold miner Northern Star Resources shares jumped 1.75 per cent to $24.39, Evolution Mining closed 2.48 per cent to $15.73 and Newmont finished 2.40 per cent higher to $184.16.

It was also a strong day for the healthcare sector, with CSL shares up 0.48 per cent to $169.11, Fisher & Paykel leapt 2.15 per cent to $37.09 and Pro Medicus added 0.96 per cent to $193.43.

Offsetting the gains in healthcare and miners were the major four banks, who all slipped on Monday.

Commonwealth Bank shares closed down 0.70 per cent to $156.88, NAB slipped 0.42 per cent to $38.01, Westpac dragged 0.27 per cent to $33.74 and ANZ slumped 0.73 per cent to $36.86.

Weighing against the market on Monday was the US Treasury department announcing it will at least double its plans to purchase outstanding 10 and 30 year debt.

This is bad for shares as higher yields on bonds makes them more attractive for investors compared with stocks.